The New York Stock Exchange (which also owns Euronext) and Germany’s Deutsche Borse have said they are in advanced talks to merge in a transaction that would result in the biggest stock exchange in the world valued at $24-billion.

Share trading in both Frankfurt and New York were temporarily suspended today before a joint statement was issued in both cities.

In light of recent market rumors, Deutsche Borse AG and NYSE Euronext (NYX) today confirmed that they are in advanced discussions regarding a potential business combination, the statement said.

The announcement comes just after the London Stock Exchange said it would likely merge with Toronto’s TMX bourse.

Deutsche Börse has a market value of $15.3-billion, almost double the $8.7-billion market value of NYSE Euronext.

Bernecker Börsenbriefe, a German magazine, reported that the exchanges sought to merge due to large cost synergies.