Despite the two companies agreeing terms, the planned merger between the London Stock Exchange Group and Deutsche Börse is not scheduled for completion until late 2016 or early 2017 – hardly surprising, given that it needs the nod from no fewer than 20 regulators, including authorities as far afield as the US, Russia and Singapore.

European competition authorities have scuppered similar cross-border deals in the past and this deal will face intense scrutiny on antitrust grounds in the region, given the combined company's dominance in derivatives clearing, cash equities trading and listings. The combined group's reach will stretch far beyond Europe, however, meaning the deal faces regulatory scrutiny across the globe.