The news that shareholders have approved the New York Stock Exchange's merger with European exchange company Euronext prompts an obvious question: What's next? Or who's next? I don't think the NYSE is finished with its global expansion. Indeed, CEO John Thain made clear that he is interested in establishing a presence in Asia, most likely by setting up a joint-venture with one of that continent's major exchanges, like the TSE perhaps. Euronext has already initiated talks with other European exchanges notably Borsa Italiana. It's unclear whether those talks are still alive. But they could be revived. You cannot rule any other major European exchange out of the NYSE deal. The most immediate task seems to be the integration of the two companies, which strikes me as quite a challenge. At the same time, the Big Board would be wise not to take its eyes off the domestic ball. (See next item.)

For more:
- here's an update from the AP