Financial Times FT.com

Banks plan to rival European exchanges

By Norma Cohen in London and Ivar Simensen and Gerrit Wiesmann in Frankfurt

Published: November 14 2006 22:00 | Last updated: November 15 2006 11:57

A group of the world’s biggest investment banks announced on Wednesday plans to build a platform for trading the shares of Europe’s biggest companies in an effort to go head-to-head with the region’s stock exchanges.

The gambit comes as Deutsche Börse confirmed it was withdrawing its bid to merge with Euronext – a move that could clear the way for NYSE Group’s agreed bid for the Paris-based stock exchange.

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