[winalot]
huge news>>>> incoming>>>
http://www.todayonline.com/Hotnews/EDC121220-0000146/New-York-Stock-Exchange-sold-to-rival-for-S$10b
[winalot] New York Stock Exchange sold to rival for S$10b Updated 11:13 PM Dec
20, 2012 NEW YORK - The New York Stock Exchange is being sold to a rival exchange
for about US$8 billion (S$9.8 billion), ending more than two centuries of
independence for the iconic Big Board. The buyer, IntercontinentalExchange, an
upstart exchange based in Atlanta, made clear today that little would change
for the iconic trading floor in Manhattan's financial district if regulators
approve the deal.
[winalot] There will be dual headquarters in New York and Atlanta and ICE
will open an office in Manhattan. NYSE CEO Duncan Niederauer will become
president of the combined company and CEO of NYSE Group. ICE said that the
tie-up will create a top exchange operator covering a diverse lineup of markets
and boosting efficiency. "We believe the combined company will be better
positioned to compete and serve customers across a broad range of asset classes
by uniting our global brands, expertise and infrastructure," said
IntercontinentalExchange Chairman and CEO Jeffrey Sprecher. "With a track
record of growth and returns, clearing and M&A integration, we are well
positioned to transform our combined companies into a premier global exchange
operator that remains a leader in market evolution."
[winalot]
Mr Sprecher will keep his positions. Four members of the NYSE board will be
added to IntercontinentalExchange's board, expanding it to 15 members. NYSE
Euronext shareholders can chose to receive either US$33.12 in cash, .2581
IntercontinentalExchange shares, or a combination of US$11.27 in cash plus
.1703 shares of stock. IntercontinentalExchange plans to fund the cash portion
of the acquisition with a combination of cash and existing debt. It added that
the addition of NYSE will help it cut costs and should boost its earnings by
more than 15 per cent in the first year after the deal closes.
[winalot] The deal has been approved by the boards of both companies, but
still needs the approvals by regulators and the shareholders of both companies.
It is expected to close in the second half of next year. Exchanges have
repeatedly attempted to merge recently as competition intensifies and commissions
decline. Last year, IntercontinentalExchange and Nasdaq OMX Group made a failed
US$11 billion bid to buy NYSE Euronext. Earlier this year, European regulators
blocked Deutsche Boerse AG from buying NYSE Euronext. Shares of NYSE jumped 40
per cent in premarket trading to US$33.75 and are headed for a new high for the
year. Shares of IntercontinentalExchange rose 5 per cent, to US$134.98.Shares
of both companies had been halted in premarket trading earlier today. AP
http://www.todayonline.com/Hotnews/EDC121220-0000146/New-York-Stock-Exchange-sold-to-rival-for-S$10b
[winalot] capt ron holy crap!
[healthscans] winalot capt ron please excuse my stupdity but what does this
mean for the RV if you don't mind me asking.
[capt ron] So now, different owners than before will benefit from the higher
equity trading volumes resulting from our rv. Is that the way to view this
story?
[willietrader] healthscans IMO nothing
[capt ron] In my poor mind, EVERTHING is iqd related.
[rustyc] winalot thank for bringing it in..
[healthscans] capt ron mine too!
[winalot] rustyc you are welcome
[healthscans] willietrader Guess we are looking for anything IQD related
aren't we?
Precious] Bonds are sinking and markets impacted from Safe Money Report
[willietrader] healthscans Yes I think that is so true.
[capt ron] winalot, what is your opinion as to what this blockbuster deal means
for us in here, if anything?
[winalot] capt ron i have to ponder that a lil bit
[Allbut6] Wheew....now that the sale is done...we can look for the
RV....:}
[capt ron] It means that equity trading profits go elsewhere for starters,
right?
[Precious] winalot I think they want someone else to crash the market.....then
no blame
[winalot] Precious well, that explains today's tanking...
[Precious] yes
goin4broke] I watched Bloomberg this morning at 3 and the head of HSBC was on
and he was emphatic we will never see nor go over the Fiscal cliff