completed its landmark acquisition of European exchange operator Euronext Wednesday.
, as the new company will be called, began trading on Wednesday in Paris. In New York, shares fell 2.4%.
NYSE and Euronext signed a definitive agreement last June to merge the two companies in a $14 billion tie-up that would create the world's largest exchange operator. Executives anticipate cost savings from the merger of $375 million.
Euronext owns several equity and derivatives exchanges in Paris, Amsterdam, Brussels and London, among others.
NYSE Euronext will oversee more than 4,000 listed companies that have a combined market cap of $28.5 trillion. The average daily trading volume for NYSE Euronext is $120 billion.
NYSE Euronext commemorated the deal's completion by ringing the opening bell on Euronext's Paris exchange earlier this morning. Executives of both NYSE and Euronext including John Thain, NYSE's CEO, will then fly to New York in time to ring the closing bell on the Big Board on Wednesday.
NYSE Euronext has "significant business opportunities ahead of us," says Thain. "We have 78 of the top 100 largest companies in the world listed on NYSE Euronext markets and we will continue to expand our global footprint and offer our customers a wider variety of trading products and services. As capital markets around the world consolidate, NYSE Euronext will play a central role in the development and definition of the new global marketplace."
Indeed, Thain is already thinking further East.
In late January, NYSE signed an agreement with the Tokyo Stock Exchange to form a "strategic alliance." A few weeks earlier, the Big Board purchased a 5% stake in National Stock Exchange of India.
and two private equity firms also took 5% stakes in the exchange.
Shares fell $2.40 to $98.60 Wednesday morning.