UBS AG - proposed acquisition of ABN AMRO Bank NV's futures brokering business.
Type of assessment
Informal Review
Reference
24630
Acquirer(s)
UBS AG
Target(s)
ABN AMRO Bank NV
Industry
Futures and options industry
Summary
UBS AG - proposed acquisition of ABN AMRO Bank NV's futures brokering business.
Outcome of assessment
Not opposed
Total review days *
13
Commenced public review
23rd June 2006
Date completed
11th July 2006
Market definition
The ACCC assessed the proposed acquisition under the narrowest possible market, being the market for derivatives trading or clearing on the Sydney Futures Exchange.
Competition analysis
The ACCC considered that the proposed acquisition was unlikely to substantially lessen competition in the market for derivatives trading or clearing on the Sydney Futures Exchange (SFE) because trading and clearing participants on the SFE were likely to provide real constraints to the merged entity.
The ACCC also found that there were relatively low barriers to entry and expansion because, in particular, overseas-based brokers were likely to have the resources to enter the market.
Review timeline
Date
Event
23rd June 2006
ACCC commenced review under the Merger Review Process Guidelines.
11th July 2006
ACCC announced findings.
* Total Review days = Total business days less public holidays and time during which the review was suspended.
