The markets in London (LSE) and Frankfurt (Deutsche Boerse) have announced their merger, in a move that will create Europe's biggest stock exchange. Baptised iX, it will be the world's second largest exchange behind Wall Street; it will be 50-50 owned by the two partners and will account for around 53% of stock trading in Europe. Nasdaq, the American exchange, plans to join forces with the new venture through the creation of a 50-50 joint venture between iX and Nasdaq Europe. Officials for both exchanges have also announced the signature of tentative agreements under which the Madrid and Milan exchanges will join the venture.