Mar. 6, 2014, 7:26 AM
- "Progress around the NYX integration, Euronext IPO, and core business trends appears to be on track," says analyst Daniel Fannon, reiterating a Buy rating and $265 price target on IntercontinentalExchange (ICE) after catching up with management earlier this week. "There remains several levers to earnings acceleration in 2015 including better than expected cost synergies, capital re-deployment decisions and improving growth in the core business."
- He boosts his FY14 EPS estimate to $11.75 from $11 while trimming 2015 to $14.15 from $14.30.
Feb. 11, 2014, 7:37 AM| Comment!
Feb. 11, 2014, 7:34 AM| Comment!
Feb. 11, 2014, 12:05 AM
Feb. 10, 2014, 5:30 PM
Jan. 31, 2014, 12:30 PM
- After confirming rumors in August by filing with the SEC, BATS Global and Direct Edge announced earlier today that the merger has been approved.
- The combined exchange will be the 2nd largest market operator - behind the NYSE (NYX, ICE), and ahead of the Nasdaq (NDAQ).
- In a press release, Joe Ratterman, CEO of BATS stated: "With the final regulatory approval received, we are focusing on closing the merger during the current quarter and beginning the integration of our two highly complementary companies."
Jan. 17, 2014, 9:21 AM
- Effective February 1, IntercontinentalExchange (ICE) will take over as the new administrator for the tainted interbank borrowing rate from the British Bankers' Association.
- "IBA (ICE Benchmark Administration) has built a robust oversight and governance framework that includes an independent board with a majority of Independent Non-Executive Directors," says the company.
- ICE names Andre Villeneuve as Chairman of IBA. He was previously Chairman of the City of Londons International Regulatory Strategy Group.
- Press release
Jan. 15, 2014, 3:09 PM
- IntercontinentalExchange (ICE -3.3%) slumps following new EU rules designed to increase competition among derivative exchanges. They include provisions which could make it easier for an investor to open a trade at one exchange and close it at another.
- “We understand investors are concerned about the vertical silo, but a lot more needs to be clarified,” says Sandler's Rich Repetto, noting ICE has maybe 5 years to react to the rules.
- Wells Fargo defends as well, saying the lack of available details makes it difficult to judge how damaging they may be to ICE.
- It's a buying opportunity, says Raymond James.
- Competitor CME Group (CME +0.9%) - which does far less business in Europe - is cruising through the news.
Jan. 8, 2014, 7:52 AM
Jan. 6, 2014, 2:43 PM
- IntercontinentalExchange (ICE +0.4%) is looking to spin off Euronext after acquiring it as part of the NYSE purchase, but European regulators are requiring ICE to keep a 25% stake in the exchange for three years unless it can find investors prepared to hold stakes for the long term, reports Bloomberg.
- Euronext values itself in the area of $2-$2.4B according to sources.
- Talks with potential investors - European banks, fund managers - look set to start imminently, but no single investor will allowed more than a 10% stake without going through a lengthy regulatory approval process. The size of the stake to be sold in the IPO hasn't been determined, but sources say it could be for as much as 50%.
Dec. 23, 2013, 3:42 PM
- NYSE (ICE +0.7%) member firms would be given an option to set thresholds which - when breached - would block orders. "The risk management tools will provide member organizations with the ability to segment activity into risk groups and to monitor exposure in real time as trades execute," says the NYSE.
- "Risk limit tools" are foremost on the radar of regulators and the securities industry after a number of market glitches over the past couple of years, and BATS and Direct Edge already offer kill switch capabilities. NYSE Arca - NYSE's fully electronic market - is also proposing the creation of a kill switch for ETPs.
Dec. 12, 2013, 7:31 AM
- Ciena (CIEN) tumbles 11.5% premarket after a big miss on FQ4 results - reporting adjusted EPS of $0.16 per share vs. expectations of $0.24.
- Adjusted gross margin of 40.8% compares to 43.6% the previous quarter. Adjusted operating margin of 4.7% falls from 8.2% the previous quarter. Operating expenses rose to $210.5M from $190.4M.
- FQ1 revenue guidance of $515M-$545M is inline with Street expectations.
- The company will swap its Nasdaq (NDAQ) listing for one on the NYSE (ICE). The stock symbol will remain the same.
- FQ4 results, press release
- CC at 8:30 ET
Dec. 6, 2013, 7:22 AM
- The launch of CME Europe is near, says CEO Phupinder Gill, with the exchange in the final stages of talks to get approval from the Bank of England. The opening of the exchange - which will start with currency futures and options - has been delayed twice as CME awaits the BOE decision.
- CME's launch will come as the Liffe - London's largest derivatives market - moves to IntercontinentalExchange (ICE) following the takeover of NYSE Euronext.
Nov. 27, 2013, 10:20 AM
- In a win for the NYSE (ICE +0.9%), Hilton Worldwide (HLT) will list its multi-billion dollar IPO on the Big Board. It's the 2nd high-profile win over the Nasdaq (NDAQ) in two months for the NYSE (Twitter in October).
- SEC Form S-1
- Hilton is expected to be valued at $30B-$32B, according to sources, a level which would more than double owner Blackstone's (BX +1.3%) $6B investment made in 2007. That's easier than it sounds - at one point amid the financial crisis and recession, Blackstone was down 70% on its money.
- Hilton in 2012 generated revenue of $9.28B, up 5.6% Y/Y, and operating income of $1.1B.
Nov. 27, 2013, 8:15 AM
- Another top executive is departing NYSE Euronext amid its takeover by IntercontinentalExchange (ICE). This time it's Lisa Dallmer, COO for European cash market execution services, reports, the WSJ. This comes one week after news her boss, COO Larry Leibowitz, would exit by year's end. In October, CFO Michael Geltzeiler announced his plan to decamp to ADT.
- Euronext - a collection of exchanges on the Continent - faces an uncertain future with ICE planning an IPO of the bourses next summer.
- More ripples from the exchange industry: Top Nasdaq exec Eric Noll - once considered a possible CEO of the company - is leaving to take the top job at broker ConvergEx.
Nov. 18, 2013, 4:35 PM
- Nasdaq OMX (NDAQ) is among three exchanges - Deutshce Boerse (DBOEY) and the London Stock Exchange (LDNXF) being the others - considering a bid for Euronext, the European exchanges set to be spun off by InterContinentalExchange (ICE) following its purchase of NYSE Euronext, reports the WSJ.
- The report quickly adds none of the thee are believed to have yet hired bankers to assist and the current plan is for Euronext to be spun off in a Paris IPO in 2014.
ICE vs. ETF Alternatives
Intercontinental Exchange Inc operates regulated global marketplaces for trading and clearing an array of securities and derivatives contracts across major asset classes, including interest rates, equities, equity derivatives, credit derivatives, bonds.
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