The

InterContinental Exchange

(ICE) - Get Report

, an electronic commodities market, is in merger talks with the New York Board of Trade, a rival commodities exchange, according to a published report.

The

New York Post

says the that exchanges have been negotiation for a while and that the NYBOT's board could discuss the merger at today's meeting.

The

Post

says the deal would value the NYBOT at about $1 billion.

The ICE is a major competitor of the New York Mercantile Exchange, which filed plans for a $250 million IPO this summer.