The European derivatives division that is set to be formed from the merger of NYSE Euronext and Deutsche Börse will be the fastest growing within the new group, according to a US equities analyst who has given the proposed tie-up a vote of confidence.

Alex Kramm, an equities analyst at Swiss bank UBS, yesterday flagged up the combined unit as one of the star performers when he put together a "full financial model" of the proposed holding company that would be created from the €10.2bn merger between NYSE Euronext and Deutsche Börse.