IntercontinentalExchange to buy NYSE for $8.2B
Source: Associated Press
NEW YORK - The New York Stock Exchange (NYX) is being sold to a rival exchange for about $8 billion, ending more than two centuries of independence for the iconic Big Board.
The buyer, IntercontinentalExchange Inc. (ICE), an upstart exchange based in Atlanta, made clear Thursday that little would change for the iconic trading floor in Manhattan's financial district if regulators approve the deal.
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.
Read more: http://www.cbsnews.com/8301-505123_162-57560197/intercontinentalexchange-to-buy-nyse-for-$8.2b/
Sekhmets Daughter
(7,515 posts)Roy Rolling
(6,941 posts)Botany
(70,594 posts)n/t
kracer20
(199 posts)But who owns the NYSE? Is it a group of individuals or companies? Who get the profits for the sale?
malthaussen
(17,217 posts)just1voice
(1,362 posts)Computer trading rules the markets now and the fastest computers win, which are owned by the 1%.
sally5050
(151 posts)we'll never know I guess. But it's scary to have a stock exchange in the hands of intercontinental (read greedy global elites) with no regard to US citizen stockholder integrity, etc.
this my friends is the proverbial nail in the coffin.
set your clocks to how quickly another meltdown is mysteriously executed and foisted on the US citizens.
defacto7
(13,485 posts)is an even larger centralized conglomerate holding and dealing the investments of corporate America and the world. And it's based in the southern US... a red state.. another privately owned and operated corporation of which we know nothing about it's actual owners and controllers.
We need to watch this one close, as if it matters. Why would NYSE want to sell out? and to whom exactly? Who is the beneficiary?
This is too big and should be investigated.
7wo7rees
(5,128 posts)And where's my cut of the $8B?
And who has $8B to begin with?
And what do they plan on selling it for?
This is another reason to divest from the market.