A deal on a merger between the New York Stock Exchange and Euronext may be closer than anyone recently supposed.

Talks beween John Thain, Chief Executive of the NYSE and Jean Francios Theodore of Euronext have taken place in New York. Reports also suggest that an initial clearance has been sought and given by the French Treasury.

Although the regulatory and nationalist minefield on the continent might normally spook an American company, there’s evidence that Thain is playing a wider game. Buying Euronext would give him London’s Liffe, the futures and options market.

It’s unlikely we’ll hear much more ahead of next week’s Euronext annual meeting, but other players may make moves before the die is cast. The LSE will not find it comfortable to be caught between an NYSE which potentially owns Liffe, and a Nasdaq which owns 25pc of its shares.