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The exchanges said a circuit breaker would be needed.
Details about staffs, management and financing have not yet been decided, the exchanges said.
On Thursday, leaders from the major exchanges said they hoped to resume trading on Monday morning.
"There were some heated exchanges," said the Rev. Herbert Daughtry, an influential Pentecostal minister in Brooklyn.
At that time, the exchanges said they hoped to begin Globex in November.
The talks, however, have been under way for weeks, people close to the exchanges said.
Merkel wasted no time in agreeing, witnesses to the closed-door summit exchanges said.
Other regulators and exchanges said they watched the situation with concern, leaving it to the S.E.C. to police the problem.
These exchanges said they would develop a single trading system together too, but neither has agreed to relinquish its technology.
"They've had a lot of angry exchanges," said one Democratic operative whose boss works closely with both senators.
"This is yet another example of the S.E.C. pushing competition among exchanges," said Richard C. Breeden, the S.E.C. chairman.
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CEO of Professional Science Editing for Scientists @ prosciediting.com