NYSE to Merge With Deutsche Böerse

Deutsche Böerse AG, the company that owns the Frankfurt Stock Exchange, has agreed to merge with NYSE Euronext, the company that owns the New York Stock Exchange, forming a new as-yet unnamed entity, the companies announced today. Deutsche Böerse will own 60% of the new company, which will be the world’s largest financial exchange group, the Wall Street Journal reports.

“We think we’re redefining a category,” NYSE CEO Duncan Niederauer said in an interview on CNBC, promising that the name of the building in New York would not change.”This place is going nowhere,” he said. "This is the icon. If anything our US footprint with this deal gets slightly bigger. We would be crazy to shut it down.” (More NYSE Euronext stories.)