The prospect of a conflict of interest has arisen at Goldman Sachs, because the bank is acting for both Deutsche Börse and its fiercest antagonist, the TCI hedge fund.

Goldman Sachs is a prime broker to TCI, providing financing for the US-based hedge fund and arranging its transactions. However, it is also acting as corporate finance adviser to the German exchange, advising it on its recently abandoned attempt to take over the London Stock Exchange.