The European Commission approved, on 23 November, a proposed joint venture between the Italian financial institutions Unicredit S.p.A. and Banca IMI S.p.A, a company of the Intesa San Paolo Group. The planned transaction would transform the existing joint venture, TLX S.p.A., into a new full function joint venture, Euro TLX Societa Intermediazione Mobiliare S.p.A. Under the deal, the latter would start operating a single electronic platform for trading in financial instruments named Euro TLX, offering services to third parties on a commercial basis. The Commission found that there were no horizontal overlaps between the parties’ activities and that the operation would not raise any vertical competition concerns either.