Press Release: Mergers: Commission clears proposed brokerage joint venture between French banks Société Générale and Crédit Agricole

The European Commission has cleared under the EU Merger Regulation the proposed creation of the joint venture Newedge between the French banks Société Générale S.A and Crédit Agricole Group. Newedge will offer brokerage services for listed derivatives (both execution and clearing), over-the-counter (“OTC”) derivatives, listed securities, prime brokerage services, and other various ancillary services. The Commission concluded that the operation would not significantly impede effective competition in the European Economic Area (EEA) or in any substantial part of it.