pass through forty separate regulatory approval processes to be finalized. The merger was subject to review in both the United States and with the European Union (EU) for concerns it could create a "de facto monopoly". In October 2011, CEO Niederauer said the company had received the EU's so-called statement of objections, which was more than 100 pages long, and would be responding within two weeks, possibly by asking for the opportunity for an oral hearing with the regulators. The EU examination of the proposal formally began June 29 has said its expanded probe has a Dec. 13 deadline. In March, Joaquín Almunia, the EU's antitrust commissioner, expressed concern that the deal would maybe monopolize the derivatives market due to Deutsche Boerse's “vertical silo” which routes all trade clearing through its own services. Almunia said then he preferred a “more open business model” for markets. On December 22, 2011, Deutsche Boerse won U.S. antitrust approval to buy NYSE Euronext, on condition that a Deutsche Boerse subsidiary, the International Securities Exchange, divest its 31.5 percent interest in Direct Edge. NYSE Euronext and Deutsche Boerse AG delayed the deadline for completing their merger until March 31, 2012 so the exchange operators could try to persuade European regulators to approve the deal. On February 1, 2012, the European Union blocked the planned merger between NYSE Euronext and Deutsche Boerse. The European Commission—the EU's executive body—ruled against the merger because, they said, the combined exchange would control more than 90% of the trade in European derivatives. The European Commission report stated, "The merger between Deutsche Boerse and NYSE Euronext would have led to a near-monopoly in European financial derivatives worldwide... These markets are at the heart of the financial system and it is crucial for the whole European economy that they remain competitive". On February 2, 2012, the NYSE Euronext and Deutsche Börse agreed with strong opposition by the EU for the planned merger, to scrap the merger. Intercontinental Exchange acquisition of NYSE Euronext On December 20, 2012, the boards of directors of both Intercontinental Exchange (ICE) and the NYSE Euronext approved an $8 billion acquisition of NYSE Euronext. Under the terms shareholders of NYSE would receive either $33.12 in cash for each share or .2581 IntercontinentalExchange Inc. shares, or a combination of $11.27 in cash per share plus .1703 shares of stock. The acquisition is subject to regulator approval, though since the operations