Top Leaderboard, Site wide
August 29, 2014
Truthdig: Drilling Beneath the Headlines
Help us grow by sharing
and liking Truthdig:
Sign up for Truthdig's Email NewsletterLike Truthdig on FacebookFollow Truthdig on TwitterSubscribe to Truthdig's RSS Feed

Newsletter

sign up to get updates


Europe’s Warming Raises Tropical Disease Risk






Truthdig Bazaar
Backroom Politics

Backroom Politics

By Bill and Nancy Boyarsky
$101.88

more items

 
Ear to the Ground

New York Stock Exchange Operator to Be Sold for Billions

Email this item Email    Print this item Print    Share this item... Share

Posted on Dec 20, 2012
George Rex (CC BY-SA 2.0)

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.

The Guardian:

The takeover comes amid a historic shift for Wall Street and stock exchanges around the world. The move to electronic trading, fierce competition between exchanges and the sharp decline in trading commissions has led to a wave of mergers and takeover offers that have failed amid regulatory concerns.

The exchange, also called the Big Board, has moved to embrace technology in recent years but still also uses the “open outcry” system with traders in bright-coloured jackets shouting and waving their hands to make orders.

Charles Geisst, author of Wall Street: A History and a finance professor at Manhattan College, said: “The NYSE has faded in the past few years, for most professionals this is a sign of the times. Trading could take place on the moon right now as long as you have the right communications.”

Read more

More Below the Ad

Advertisement

Square, Site wide

New and Improved Comments

If you have trouble leaving a comment, review this help page. Still having problems? Let us know. If you find yourself moderated, take a moment to review our comment policy.

 
Right 1, Site wide - BlogAds Premium
 
Right 2, Site wide - Blogads
 
Join the Liberal Blog Advertising Network
 
 
 
Right Skyscraper, Site Wide
 
Join the Liberal Blog Advertising Network
 

A Progressive Journal of News and Opinion   Publisher, Zuade Kaufman   Editor, Robert Scheer
© 2014 Truthdig, LLC. All rights reserved.