Philip Booth and Alberto Mingardi write for the Wall Street Journal

Stock exchange consolidation is again on the upswing, and with it, regulatory scrutiny of the deals. The U.S. Department of Justice recently killed Nasdaq’s $11 billion bid for the New York Stock Exchange, and now the European Commission is examining Deutsche Börse’s successful bid for the same asset. Are the regulators overreaching? Probably.

Traditional stock exchanges aren’t competing with each other, but with technologically savvy and fast-moving newcomers. Trading today isn’t done by traditional means and entirely new forms of exchange have sprung up. Consider the Chi-X exchange, founded in 2007, which is registered in jurisdictions around the world and…

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