Deutsche Boerse and NYSE Euronext expected to announce merger

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The two have hammered out a broad framework for a deal that focuses on functions and personalities, with several executives chosen for key posts across Europe and the United States, three people familiar with the plan said.

They first said they were in advanced talks last week hours after the London Stock Exchange announced its far smaller tie up with the Toronto exchange.

A source said that major issues between the German-US tie up like the exact exchange ratio and the premium to be paid to NYSE Euronext have been sorted out, and a definitive agreement is expected to be announced on Tuesday.

Among the issues they will keep unresolved for now are: what to call the merged entity, how exactly it will cut costs, and which technologies it will favour, sources said.

Putting these off may only add to the questions being asked by some politicians on both sides of the Atlantic about whether the deal should be approved. Any delay could also open the door to rival bidders for NYSE Euronext, owner of the New York Stock Exchange and a host of exchanges in Europe including London's Liffe futures exchange. One news report yersterday cited CME Group, owner of the Chicago Mercantile Exchange, as a potential buyer.

Some issues facing Deutsche Boerse-NYSE Euronext tie-up, which could still derail the plan, would need to be resolved over the coming weeks, said the sources, who requested anonymity because talks continue.

"The biggest question mark in general is obviously the European political and regulatory landscape coming out of this," one source said.