iX, the proposed merger between the London Stock Exchange and the Deutsche Börse, is an ill-planned deal because it is unlikely to deliver the promised benefits of more efficient equity markets.  Nor does it address the most pressing needs of European equity trading, which are for a unified infrastructure rather than bigger exchanges.

This report, published ahead of the merger vote on 14 September 2000, says the markets' interests would be better served if the two exchanges remained separate and competed for business.  It also questions the value of creating a mega-exchange at a time when technology is opening up the business to leaner newcomers.