NYSE, TSE paving way for eventual merger?

The NYSE and Tokyo Stock Exchange have, as expected, inked a deal. The agreement will promote ties in a many ways regarding trading and other services, listings and technology. But the pact seems to set the stage for an even more encompassing combination, perhaps a true merger, after the the TSE goes public, which is expected in 2009. This seems to be a strategically solid move by the Big Board's John Thain, who is making good on his words to turn the NYSE into a global player. He has adroitly cultivated his ties to his counterpart in Tokyo and you get the feeling that he isn't about to stop in Japan. This certainly keeps the pressure on the Nasdaq and other exchanges. The details will be telling--they are scheduled to be revealed today.  

For more:
- here's an AP update