…LSE-Refinitiv is also different to other megadeals in the exchange sector like Deutsche Boerse AG and LSE’s attempted merger in 2017, according to Ortiz. It’s hard to tell how regulators will define the markets and that will determine where the combined entity may have market power, he said.

But Niki Beattie, founder of Market Structure Partners, said that “exchanges have continuously underestimated the regulatory scrutiny of their proposed deals.” “It seems highly likely that it could have happened again and that the process will go to a second stage,” she said. “Regulators have gained more and more experience in looking at exchange related deals over the last decade and data has also become an increasing focus.”