NYSE Euronext (NYX) and Deutsche Boerse (DBOEY.PK) want to strike a deal by Tuesday, sources say, and are therefore sidestepping some thorny technology issues for now. "How you make the details work later on is a different matter," one source said, and the important part is a signed merger deal.
“I think it’s a terrible idea and I hope it can be stopped,” former Goldman Sachs (GS) co-chair John Whitehead says of the NYSE’s (NYX) plan to be acquired by Germany’s Deutsche Boerse (DBOEY.PK). “It would be an insult to New York City, and New York State, and indeed to all America.”
Mergers of the NYSE-Deutsche Boerse and London-Toronto stock exchanges prompt Jeff Carter to predict that "when all the M&A is finished, there will be 3-4 worldwide exchanges... It will look like the credit card industry. But, because of money, regulation and government borders, it takes time."
BATS Global Markets is in exclusive talks to acquire Chi-X Europe, owned by Nomura (NMR) (34%) and a number of large banks (C, UBS, CS, BAC, MS). Nasdaq OMX (NDAQ), NYSE Euronext (NYX), and Direct Edge Holdings appear to have dropped out of the race. Acquiring Chi-X would allow Bats to compete directly with LSE and Deutsche Boerse.
NYSE Euronext (NYX) and BATS Global Markets file proposals with the SEC to extend use and research on circuit breakers for four additional months. The plan sets certain criteria for allowing exchanges to automatically halt trading in a stock if activity reaches abnormal and potentially threatening levels, as it did in May’s flash crash.
After Nasdaq's (NDAQ) CEO accuses the NYSE (NYX) of "walking away," NYSE Euronext CEO Duncan Niederauer returns fire and urges other exchanges to take up the NYSE's market model, which drew criticism for reducing liquidity by switching to human auctions.
NYSE Euronext, a Delaware corporation, was organized on May 22, 2006 in anticipation of the combination of the businesses of NYSE Group, Inc., a Delaware corporation, and Euronext N.V., a company organized under the laws of the Netherlands. The combination was consummated on April 4, 2007. NYSE...More