New York Stock Exchange (NYSE) and Euronext signed its "merger of equals" agreement on 1 June, with the derivatives business "one of the big sources of strength," according to NYSE chief executive John Thain.
Speaking at a press and analyst conference on 2 June, Thain said, "Derivatives is a business that's growing very, very quickly?. We think there are great opportunities to cross sell across our different customer bases."
Executives at the respective exchanges have been keen to highlight the potential synergies of the deal, particular in terms of technology. According to exchange figures, $275m worth of cost savings were expected over a three-year period.
NYSE and Euronext presently operate six different trading platforms between them, a number they plan to reduce to two, one for cash and one for derivatives, under the proposed deal. The derivatives platform...