A new round of huge cross-border stock exchange mergers could happen in the next few years, as the underlying reasons for the recent spate of proposed yet failed-mega mergers remain and are putting pressure on some bourses to combine, industry executives and analysts say.

In the meantime, the industry is going in a lull, characterised by smaller scale, bolt-on acquisitions and joint ventures, even as bourses grapple with the financial crisis, market volatility, lower trading volumes and margins.