Merger talks between Vienna and Warsaw stock exchanges have ignited speculation of further tie-ups in central and eastern Europe as exchanges fight for a slice of markets stretching from the Bosporus to the Baltic.

Russia merged its two main exchanges - Micex and RTS - in December 2011 as part of reforms to its financial market infrastructure that included a slew of initiatives to attract overseas investors. The merged exchanges have a total capitalisation of $620bn and plan to float this year.