Fa­bled ex­change chang­ing hands

Lit­tle-known ICE, based in At­lanta, buy­ing New York Stock Ex­change in $8 bil­lion deal.

Austin American-Statesman - - BUSINESS - Ex­change

NEW YORK — The Big Board just isn’t so big any­more.

In a deal that high­lights the dwin­dling stature of what was once a cen­ter­piece of cap­i­tal­ism, the New York Stock Ex­change is be­ing sold to a lit­tle-known ri­val for $8 bil­lion — $3 bil­lion less than it would have fetched in a pro­posed takeover just last year.

The buyer is In­tercon­ti­nen­tal Ex­change, a 12-year-old ex­change head­quar­tered in At­lanta that deals in in­vest­ing con­tracts known as fu­tures.

In­tercon­ti­nen­tal Ex­change, known as ICE, said Thurs­day that lit­tle would change for the trad­ing floor at the cor­ner of Wall and Broad streets, in Man­hat­tan’s fi­nan­cial district.

But the clout of the two-cen­turies-old NYSE has grad­u­ally been eroded over decades by the re­lent­less ad­vance of tech­nol­ogy and reg­u­la­tory changes. Its im­por­tance to­day is mostly sym­bolic.

The NYSE dates to 1792, when 24 bro­kers and mer­chants traded stocks un­der a but­ton­wood tree on Wall Street. But to­day most trad­ing doesn’t re­quire face-to-face

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.