1. Welcome to SportsJournalists.com, a friendly forum for discussing all things sports and journalism.

    Your voice is missing! You will need to register for a free account to get access to the following site features:
    • Reply to discussions and create your own threads.
    • Access to private conversations with other members.
    • Fewer ads.

    We hope to see you as a part of our community soon!

Ring the bell: NYSE sold for $8.2 billion

Discussion in 'Sports and News' started by novelist_wannabe, Dec 20, 2012.

  1. novelist_wannabe

    novelist_wannabe Well-Known Member

    Was anybody aware that it was for sale? I'm sure someone could've written a check ...

    http://www.ajc.com/news/business/atlanta-based-ice-to-buy-parent-company-of-new-yor/nTbqD/
     
  2. YankeeFan

    YankeeFan Well-Known Member

    A 12-year-old, for profit company now owns the NYSE.

    ICE's story is pretty incredible.
     
  3. The Big Ragu

    The Big Ragu Moderator Staff Member

    You said it. It's hard to believe that a company founded in 2000 is now going to have so much control over financial transactions that affect all of us.

    What they wanted from this was Liffe. They will now own all European derivatives trading and that fragmented ICE/NYSE marketplace for soft commodities will be cleaned up, which should benefit costs of commodities we all use, such as sugar.

    The way ICE is going, it is going to make the CME into a dinosaur, which is a great thing. But I hope this ultimately is not going to reduce competition for trading instruments that turns into a bad thing. I am hoping this is still a marketplace that can be breached, and that just like ICE did in 2000, others can figure out ways to create new electronic exchanges that keep it a competitive marketplace. It's something I am kind of interested in now. Many of the markets they are going to now have a monopoly over are liquid enough to support competing exchanges.
     
  4. Bob Cook

    Bob Cook Active Member

    There was talk for a while that the Chicago Merc or a European Exchange would buy it. Heck, for only $8.2 billion, I'm surprised Google didn't put in a bid to create Google Stocks.
     
  5. The Big Ragu

    The Big Ragu Moderator Staff Member

    The CME will stick around, just like cockroaches do, but I would have bet they are were not nimble enough to pull this off. I don't know if $8.2 billion was a good price for this, but owning Liffe has the potential to be a really profitable thing for ICE, because with what they already own, Liffe is a perfect fit. This is one of those, "the sum of the parts is better than the parts" if they figure out how to do this right. They are not going to be loved, but they will make money.
     
Draft saved Draft deleted

Share This Page