The seeds for the current battle over the New York Stock Exchange were planted two and a half years ago, when NYSE Euronext (NYX) Chief Executive Duncan Niederauer first discussed the subject with his counterpart at Deutsche Boerse AG (DBOEF, DB1.XE), Reto Francioni.

By September 2008 both sides had signed a confidentiality agreement around a potential transaction and retained financial and legal advisers, according to documents filed with regulators Thursday.

Those talks fizzled in early December 2008 after leaks reached the media, but Francioni and Niederauer kept open lines of communication until reigniting serious merger talks in New York on Aug. 2, 2010, when a deal schedule was formed up.

Niederauer notified NYSE Euronext board members of the talks on Sept. 15, 2010 at which point he was authorized to continue and expand the talks, according to the documents. The board met again in October and December for updates.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com
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