It is fair to say that Liffe's disappearance is still not a done deal. The European Union competition authorities are still thinking about how they should react, but NYSE Euronext has been formidable in its lobbying from the very start. It claims, for example, that the two exchanges are not in competition because they specialise in products at opposite ends of the yield curve. This means there is no overlap in what they do, and customers will still have the same range of products even if they are combined on to a single trading platform.