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| NYSE Euronext and Deutsche Boerse reveal merger details | NYSE Euronext and Deutsche Boerse reveal merger details |
| (40 minutes later) | |
| NYSE Euronext and Deutsche Boerse have formally announced their plan to merge, in a move that will create the world's largest stock exchange operator. | |
| The newly-combined company will have headquarters in both New York and Frankfurt. | |
| NYSE Euronext's chief executive Duncan Niederauer will take the the role of chief executive at the yet-to-be-named company. | |
| Reto Francioni, chief executive of Deutsche Boerse, will become chairman. | |
| Deutsche Boerse will own 60% of the combined group, which will have a combined net revenue of $5.4bn (£3.4bn). | |
| Fresh access | |
| The two exchanges have faced increasing competition from newer exchanges who cater to dominant high-speed electronic traders. | |
| "This transaction brings together two of the most respected and successful exchange operators," said Mr Francioni. | |
| "Clients will have unparalleled access to markets, products, information, world-class technology, clearing services and settlement." | |
| The deal is subject to acceptance by a majority of NYSE Euronext shareholders, 75% of Deutsche Boerse shareholders and the approval of regulators in the US and Europe. |