The collapse of the merger plan was not considered a surprise.
Executives at both exchanges say their merger plans are still on track.
When we came to terms two months ago, there was no mention of merger plans.
However, the merger plans were discarded in December 2006 since the differences seemed too large.
Both companies held board meetings in the middle of last week to present their merger plan to directors, said several people close to the talks.
As of 12 July 2006 the merger plans have been on hold.
Last month, Assembly leaders unveiled a merger plan with many of the same features.
Last spring administration officials spoke of the merger plan being "on the fast track."
In return, the groups agreed not to challenge the banks' merger plans.
The merger plan is "certainly not without risk," he added.