NYSE Euronext and Deutsche Börse have ramped up the defence of their merger with an extensive report that backs the exchanges' claim that the deal would deliver major cost-savings to the market. The findings come at a critical time for both exchanges as they seek to persuade Europe's antitrust authorities to approve the deal.

The report, which was commissioned by the exchanges and conducted by Compass Lexecon, an economic consultancy, finds that the deal would deliver around €3.2bn in immediate cost-savings through a combination of clearing collateral and IT infrastructure savings.