Exchange Mergers in Limbo as $37 Billion of Takeovers Stall

The biggest wave of takeover offers ever for publicly traded stock and derivatives exchanges has done little for investors in 2011, as more than $21 billion of equity value was erased and only one deal closed.

NYSE Euronext shares have fallen 13 percent in 2011 as German stocks plunged and regulators in Europe resisted its combination with Deutsche Boerse AG. ASX Ltd., the Australian market owner whose agreement with Singapore Exchange Ltd. fell through in April, has lost 19 percent. London Stock Exchange Group Plc is down 5.2 percent after owners of Toronto Stock Exchange operator TMX Group Inc. spurned its offer in favor of the bid from a group of Canadian banks and pensions.