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