RK — The New York Stock Exchange and Germany's largest stock exchange agreed Tuesday to merge operations.
The boards of NYSE Euronext and Deutsche Boerse both voted Tuesday morning on the deal, which was leaked to the public last week.
Shareholders in the German company are set to hold a 60 percent stake in the merged firm, while NYSE Euronext shareholders will have a 40 percent stake. The new company will be incorporated in the Netherlands and have joint headquarters in Frankfurt and New York.
Though each company built its reputation as an exchange for stock trading, a majority of the revenues at the new company will come from other aspects of their operations.