NYSE Group and Euronext N.V. Agree to a Merger of Equals; Combination Will Create The First Global Exchange

According to NYSE Euronext would offer 12 trading hours, "If approved by regulators and shareholders, NYSE Group Inc.‘s acquisition of Euronext would create a single platform where traders could deal in stocks, options, futures, commodities and corporate bonds across two continents — for up to 12 hours daily."

This could be a very significant development. My immediate question is, what will happen to "clearing and settlements" when these cross continent trading goes live ?

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