In a statement published on June 24, German stock operator Deutsche Börse and its British counterpart, the London Stock Exchange (LES), announced they still plan to merge despite UK’s exit from the European Union.

“The merger is not conditional on the outcome of the Referendum,” said the two groups while adding “they remain fully committed to the agreed and binding merger terms”.

Deutsche Börse and London Stock Exchange in March 2016 said they signed an agreement for a “merger of equals”. The union which should give birth to Europe’s top stock market thus beating Euronext would take place through a share swap which would result a new holding. Deutsche Börse, according to the deal, would hold 54.4% in the merger’s product. LSE is to have the remaining stake.

However, the operation is to be approved not only by the groups’ respective shareholders but also by UK and Germany’s stock markets regulatory authorities. Shareholders of Deutsche Börse have until July 12 to provide their securities to the holding while LES’s have to rule on the merger on July 4th.

It should be recalled that while LES operates London and Milan’s stock markets, in addition to American investment and indexes firm Russell Investments, Deutsche Börse owns the Frankfurt Bourse, as well as Luxemburg clearinghouse Clearstream and derivatives platform, Eurex.