D Börse/NYSE have Chicago in their sights

The world’s bourses are being swept up in an accelerating wave of consolidation after Deutsche Börse revealed that it was in advanced talks with NYSE Euronext to create the world’s largest exchanges operator by revenues and profits. Jeremy Grant, FT Trading Room editor, explains to Philip Stafford, the reasoning behind the proposed deal, unveiled just hours after the London Stock Exchange's tie-up with Canada’s TMX Group - what's the strategy, who's next, who should be fearful and what this consolidation frenzy means for customers.