Customers will be the real beneficiaries of the merged iX exchange because of lower trading costs and, eventually, lower settlement charges, according to Rolf Breuer, outgoing chairman of Deutsche Börse.

At the announcement of the merger between the London Stock Exchange and Deutsche Börse, Breuer, also chief executive of Deutsche Bank, said: 'This is a great day for all of us. This merger will be good for investors, issuers and intermediaries. It will bring lower trading costs, greater liquidity, more transparency and fairer prices.'