NEW YORK, NY – The Big Board may be getting bigger.
As the opening bell rang at the New York Stock Exchange, the official word on the street was that InterContinental Exchange reached an agreement to buy the parent company of the New York Stock Exchange for $8.2 billion in stock and cash.
The Atlanta-based ICE has been around for a dozen years. Its roots are in electronic commodities trading, especially in energy futures.
The New York Stock Exchange has been around since 1792, with its roots literally under a sycamore tree on Wall Street.
And those roots now extend to Europe, where its parent company, NYSE Euronext, owns Europe`s second-largest derivatives market. So this purchase will let ICE become a big player in that lucrative market.
If the deal gets regulatory approval, it won’t mean much to most people, unless you own stock in either company. When the news hit The Street, shares of NYSE Euronext jumped 35 percent. And yes, to Wall Street, that is a lot of bull.