NYSE/DB: gimme shelter

Stock exchanges are coming to the end of the merger road. Deutsche Börse has toyed again with combining with NYSE Euronext but has apparently dropped the idea. The putative deal shows both how much bourses are victims of the financial crisis, and how much any further consolidation faces serious competition problems. Deutsche Börse has a history of failed trysts. It has tried to woo the London Stock Exchange twice; the SWX Group, which operates the Swiss stock exchange; the Borsa Italiana; and E...