The American Stock Exchange announced last week that it will create a joint venture with Euronext, the first pan-European exchange, to list and cross trade U.S., European and other international exchange-traded funds.

The venture will get started once European regulators approve it, according to spokespeople for both entities.

The American Stock Exchange first listed exchange-traded funds in 1993. Euronext introduced exchange-traded funds, called Trackers, for the first time last month. The partners hope to ultimately achieve "seamless 24-hour global trading of ETFs," according to the American Stock Exchange.

The alliance is "revolutionary, as it aims to provide investors with the opportunity to trade the same class of ETF shares across time zones," said Salvatore F. Sodano, chairman and CEO of the American Stock Exchange.

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