One of the New York Stock Exchange's biggest shareholders has lobbied the market to call off talks with Euronext over fears it would "short-circuit" potential growth.

Thomas Caldwell, chairman of Caldwell Asset Management, told the New York Times: "I think to go global at this juncture in our corporate evolution would be to short-circuit the incredible potential we have as the jewel in the crown. I would not like to see it diluted with Euronext."