The Brussels, Paris and Amsterdam stock exchanges have officially announced their merger into EURONEXT, "the number one exchange in the euro area in terms of capitalisation and volume of trading" and the number two exchange in Europe after London. Some 1,360 companies, representing stock market capitalisation of EUR 2,380 billion as at 31 December 1999, will be listed. The new entity will be overseen by a company established under Dutch law and headed by a 12-member Board of Supervisors. EURONEXT is "open to other partners" and the Luxembourg exchange has "already expressed its intention of joining" the venture.