Had NYSE Euronext merged with Deutsche Börse, NYSE Technologies could have claimed perhaps the most formidable portfolio of trading tools and services of any of its competitors.

Above all, the difference maker would have been Xetra, the trading system for Deutche Borse, which it claims to be the world's most efficient and flexible system infrastructure for fully electronic securities trading. Fourteen stock exchanges around the world have licensed use of Xetra, developed by Accenture and Deutsche Boerse Systems.

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