Reuters – In the world of stock exchanges, bigger is better. And although Deutsche Boerse AG said on Sunday that merger talks with NYSE Euronext had ended with no result, exchanges will still have to make cross-border mergers to contain costs.

A merger between the German bourse and the operator of the New York Stock Exchange would have generated huge synergies — around $300 million on a combined $3 billion cost base — and challenged derivatives market CME Group Inc CME.N.

"The more volume they can get on one platform, the better for exchanges, so all the mergers make sense," said Octavio Marenze, head of consultancy firm Celent.

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