Rather than ending with last week's merger announcements, the battle of the exchanges may just be getting going. Indeed, the deal making may be just starting. The Wall Street Journal reported that former NYSE head Richard Grasso is working with ex-director and Home Depot chief Kenneth Langone to put together a rival offer for the NYSE.

New York Stock Exchange (NYSE) announced last week that they would merge with electronic exchange Archipelago and go public. A day later, the NASDAQ announced a deal to purchase Instinet.

Langone is reportedly upset by the fact that Goldman Sachs represented both sides in the NYSE/Archipelago deal. Current NYSE CEO John A. Thain is also a former Goldman Sachs president and large shareholder.  

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