Executives and specialists of the New York Stock Exchange and Euronext are meeting this weekend to hammer out an all-shares merger between the two companies.

The pan-Continental exchange and the NYSE are set to create the first transatlantic exchange with a value of around $20 billion (£10.64).

Final details will be put to the Euronext board on Monday, ahead of its annual meeting on Tuesday. The plan involves shares of the new super-exchange trading in both New York and Paris.

There are still obstacles around in the shape of a coalition of hedge funds pushing for a deal with Deutsche Borse. Euronext’s chief is set against the merger proposed by the German exchange this week, however.

On the New York side, Thomas Caldwell, a major shareholder in the NYSE, has spoken out against a merger with Euronext.

It’s all to play for in what looks like becoming a defining week in the consolidation of the world’s stock markets. The LSE will have a lot to ponder if it’s to stay out of the clutches of the predatory Nasdaq.

Time for tea at the Ritz, Clara?