June 19, 2013
New York Stock Exchange Operator to Be Sold for Billions
Posted on Dec 20, 2012
The owner of the “icon of American capitalism” is being sold to an Atlanta-based derivatives company for $8.2 billion as Wall Street’s trademark practice of high-energy verbal trading gives way to the digital kind.
The exchange’s parent company, NYSE Euronext, accepted an offer from IntercontinentalExchange (ICE) for $33.12 a share in cash and stock.
The NYSE once ruled the American stock market, but has become relatively smaller since the 1990s, when the “all-electronic Nasdaq” opened and introduced new rules that permitted shares to be traded more easily across multiple venues. The Chicago Mercantile Exchange is the strongest exchange in the U.S., valued at $17.5 billion, $10 billion more than NYSE Euronext.
—Posted by Alexander Reed Kelly.
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