Now will competition be allowed?

While the move has not come out of the blue, analysts said that the creation of the super-exchange could well change the way markets have been run."These are probably the two wealthiest, most powerful futures exchanges in this country, and combining them makes almost a Microsoft-type entity,” said Randy Frederick, director of derivatives at Charles Scwab in Austin, Texas.

The merger could make them “monstrous and hard to compete with”, he said.