SWX Swiss Exchange has rejected merger proposals from Deutsche Börse, but says that it will "remain open to discussions on potential affiliations".
At its meeting on 20 August, the SWX Board ruled out for the time being any sale, merger or integration with its German neighbour, following overtures from Deutsche Börse last month.
In a statement released after close of business, the Exchange says: "SWX Group desires to maintain its independence and, by means of partnerships, co-operative undertakings, alliances or other financial interrelationships, play a key role in shaping the consolidation process within Europe's securities exchange landscape."
In response, Deutsche Börse sought to put a positive gloss on SWX's invitation for further co-operation between the two exchanges. Mathias Hlubek, CFO of Deutsche Börse, comments: "This will allow us to further expand our successful partnership, and we are prepared to evaluate all formats and options. Our goal is to continue to jointly develop these two financial centers, to increase the benefits for our customers and to add value for our shareholders."
The two exchanges already co-operate as partners on the Eurex derivatives exchange and index provider Stoxx.