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Deutsche Börse and the London Stock Exchange should put their combined headquarters in Frankfurt and not London, Hesse’s finance minister Thomas Schäfer, said on Friday.

“The reasons for the headquarters being in Frankfurt are crystal clear”, he said in an interview with Reuters. “Those involved in London must recognise, also in their own interests, that it would not be a good idea to keep the plans as they are now.”

Hesse’s regional government is one of the authorities that must approve the deal, which would create Europe’s largest exchanges group. The combined entity would trade more than €5.2tn in equities and have more than 3,200 companies listed on its markets.

Mr Schäfer said last year that changing the structure of the deal was “of vital interest” for stakeholders. His latest intervention is a further indication of the layer of complexity that Britain’s decision to leave the EU has added to the deal.

Copyright The Financial Times Limited 2017. All rights reserved.

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