The launch of a new European stock market by Germany’s Deutsche Börse could lead to “a major shift in market structure” and change the way the region's biggest exchanges compete with each other, according to a new report.

The launch this month of Xetra International Market, which enables investors to trade and clear stocks from six European countries on Deutsche Börse's main platforms, represents "the emergence of the first vertically-integrated pan-European exchange", according to Miranda Mizen, a principal at US-based consultancy Tabb Group.