A LONG-AWAITED plan to merge South Africa’s three financial exchanges was scuppered on Wednesday when two of the bourses voted against it, objecting to the shape of the union and questioning its short-term benefits. The proposed merger, which had been expected to be in force by year-end after three years on the drawing board, got the full backing of the JSE, who were the main driving force behind a “one-stop-shop” financial exchange. But the Bond Exchange of South Africa (BESA) and the South African Futures Exchange (SAFEX) gave a marriage the thumbs down in its current form, although both back closer ties between the three bourses in future.