Thain also oversaw a period of consolidation in the exchange space, including NYSE's reverse merger with Archipelago in 2006. Not long after the Archipelago deal, NYSE merged with trans-Atlantic counterpart Euronext, setting a precedent for cross-border deals to follow such as Nasdaq-OMX. Niederauer, who took the reins of NYSE Euronext in December 2007, has continued the exchange's expansion strategy, from the acquisition of the American Stock Exchange in 2008 to the current proposal with Deutsche Borse.