O’Melveny successfully advised ICAP as a third-party complainant to the proposed US$9 billion merger of the New York Stock Exchange Euronext and the Deutsche Börse. On behalf of ICAP, O’Melveny presented legal analyses and evidence to the European Commission showing how the proposed merger would be detrimental to competition. The Commission prohibited the merger, noting that the concessions offered by the companies—including offering to sell certain assets and provide some access to their clearinghouse—were inadequate to solve the identified competition concerns. This matter was widely covered in the press, including The Wall Street Journal, Financial Times, Bloomberg, and Reuters