The CME Group Inc. (NYSE: CME) and Nymex Holdings Inc. (NYSE: NMX) finally inked a merger agreement that has been in the works since January when talks between the two were first disclosed. The move comes as CME is still working to integrate the recently acquired Chicago Board of Trade (CBOT) while other exchanges continue to eye M&A opportunities. The push towards so-called global exchanges has forced many of these deals through in order to not only grow but simply remain competitive.

The $9.3 billion deal will give Nymex shareholders cash and stock worth approximately $100 per share. This number is currently 15% higher than Nymex's current price due to risks with the deal and a decline in CME's share price- which lowers the value of the stock portion of the buyout. The two boards have approved the transaction, but it will be interesting to see how much shareholder support they will receive given the steep declines today.

The transaction also leaves only a handful of independent exchanges remaining. The next buyout candidate that many see is IntercontinentalExchange (NYSE: ICE), which specializes in over-the-counter futures. In particular, the firm is known for its U.S. Dollar Index futures. Notably, ICE has been on a bit of a buying binge of its own in the past in an effort to boost its energy-related products. However, a value of just $8.7 billion and consistently recordbreaking volumes on its exchanges certainly leave the door open.

Smaller acquisitions could include companies like MarketAxess Holdings (NDAQ: MKTX), which specializes in electronic trading of corporate bonds and fixed-income securities. This market may not be as hot as over-the-counter futures, but it does add a robust revenue stream and access to 647 active institutional investors that may be interested in other products. However unlike the futures exchanges, shares of this stock are well off of their 52-week highs.

In the end, the exchanges have seen over $46 billion in dealmaking over the past two years and it will likely not stop until the growth in the sector slows. The only remaining futures exchange is Intercontinental, which is already seen by many as a potential acquisition candidate. However, other small exchanges like MarketAxess could also see some deals in the works despite their slow growth. Combined, these factors make the exchange sector one worth following closely!

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