Deutsche Boerse finally makes a bid for the London Stock Exchange
As expected, Deutsche Boerse and the London Stock Exchange revealed details of their merger today.

The deal would create the largest exchange in Europe, with a market cap close to $30 billion (close to the market cap of Intercontinental Exchange , the owner of the NYSE).

One small surprise: no cash. It's an all-stock deal. LSE shareholders would own 45.6 percent of the combined group while Deutsche Boerse shareholders would own 54.4 percent.

Read MoreThe London Stock Exchange is for sale: Who will get it?

Simply put, politics and regulation are what's really important here, because both of these — if not handled carefully — could derail a deal, no matter who gets the LSE.