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Stock Market & Financial Investment News

News Breaks
December 20, 2012
08:28 EDTNYX, ICEICE acquires NYSE Euronext for $33.12 per share in $8.2B deal
IntercontinentalExchange (ICE) and NYSE Euronext (NYX) announced a definitive agreement for ICE to acquire NYSE Euronext in a stock-and-cash transaction. Under the terms of the agreement, which was unanimously approved by the boards of both companies, the transaction is currently valued at $33.12 per NYSE Euronext share, or a total of approximately $8.2B, based on the closing price of ICE’s stock on December 19. NYSE Euronext shareholders will have the option to elect to receive consideration per NYSE Euronext share of $33.12 in cash, 0.2581 IntercontinentalExchange common shares or a mix of $11.27 in cash plus 0.1703 ICE common shares, subject to a maximum cash consideration of approximately $2.7B and a maximum aggregate number of ICE common shares of approximately 42.5M. The overall mix of the $8.2B of merger consideration being paid by ICE is approximately 67% shares and 33% cash. NYSE Euronext shareholders will own approximately 36% of ICE shares post-transaction. The transaction is expected to close in the second half 2013. The majority of run-rate expense synergies of $450M are expected to be achieved in the second full year post-closing. Earnings accretion of greater than 15% is expected in the first year post-closing. ICE will maintain dual headquarters in Atlanta and New York. New York headquarters will be located in the Wall Street building. ICE will also open a new midtown Manhattan office in June 2013. ICE intends to explore an initial public offering of Euronext as a Continental European-based entity following the closing of the acquisition if market conditions and European policy makers support the offering. Jeffrey Sprecher will continue as Chairman and CEO of the combined company and Scott Hill as CFO. Duncan Niederauer will be President of the combined company and CEO of NYSE Group. Four members of the NYSE Euronext board will be added to the ICE board which will be expanded to 15 members.
News For ICE;NYX From The Last 14 Days
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April 16, 2014
07:41 EDTICEICE owner purchases Algo Technologies, Bloomberg says
The new owner of IntercontinentalExchange has been exploring matching engine software and purchased Algo Technologies in response to that, according to Bloomberg, citing two people familiar with the matter. The sources said that Algo Technologies is a firm that claims to have the industry’s quickest matching engine. Reference Link
April 15, 2014
07:28 EDTICESEC officials weighing curbs on trading fees, WSJ says
SEC officials, including some commissioners, are considering a trial program to curb "maker-taker" fee plans that are a major source of revenue for exchanges and some high-frequency trading firms, according to The Wall Street Journal. Fund managers, including BlackRock (BLK), are concerned about the negative effects of maker-taker, the report added. IntercontinentalExchange (ICE) CEO Jeffrey Sprecher, along with representatives from T. Rowe Price (TROW) and from RBC Capital (RY), recently held a series of private meetings with SEC Chairman Mary Jo White to push for its elimination, according to the report, citing people familiar with the matter. Like IntercontinentalExchange, which owns the New York Stock Exchange, Nasdaq (NDAQ) is a publicly-traded exchange operator. Reference Link
April 14, 2014
12:01 EDTICEIntercontinentalExchange sets new daily record for ICE NYH RBOB futures
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April 10, 2014
13:43 EDTICEFidelity to pitch new lost cost trading venue to large asset managers, WSJ says
Fidelity is working on a new trading venue, dubbed "Sakura," that it hopes will be a collaboration among big mutual-fund firms to reduce costs and streamline trading and will be an improvement over other "dark pools," reported The Wall Street Journal, citing people with knowledge of the matter. The report said Fidelity is in the initial planning stages and has just started pitching the idea to other large asset managers. Publicly traded fund managers include BlackRock (BLK), Franklin Resources (BEN) and T. Rowe Price (TROW), while Investment Technology Group (ITG) currently operates dark pools that facilitate block trading among large institutions. Exchange operators Nasdaq (NDAQ) and Intercontinentalexchange's (ICE) NYSE have previously testified to legislators that too much trading occurs in dark pools, hurting investors. Reference Link
April 7, 2014
06:58 EDTICEDark markets could cause more harm than high-frequency trading, Reuters says
After a book by financial author Michael Lewis sparked worries that high-speed traders have been rigging the U.S. stock market, former regulators and academics say a more serious threat to investors could be the increasing amount of trading that happens outside of exchanges, reported Reuters. Top internalizers include units of KCG Holdings (KCG), Citadel, UBS (UBS), and Citigroup (C). Dark pool operators include Credit Suisse (CS) and Morgan Stanley (MS). In an attempt to earn back some of the retail orders, exchanges such as IntercontinentalExchange Group's (ICE) New York Stock Exchange, Nasdaq (NDAQ), and BATS Global Markets, have allowed brokerages to place dark pool-style orders on their platforms, with the trade hidden until after it is executed. Reference Link
April 5, 2014
20:24 EDTICEIEX may look for exchange status sooner than planned, Reuters says
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April 3, 2014
09:02 EDTICEMeetMe to move stock listing to NASDAQ
MeetMe (MEET) announced that it will transfer its U.S. stock exchange listing to the NASDAQ Capital Market (NDAQ). Trading in the company’s shares currently takes place on the NYSE MKT (ICE). The company expects trading on NASDAQ to begin on April 15. Until that time, trading will continue on the NYSE MKT. The company will retain its current ticker symbol, “MEET,” when trading begins on NASDAQ.
08:30 EDTICEIntercontinentalExchange reports March average daily volume down 16%
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05:57 EDTICENYSE says expects IPO window to continue this year, Fortune reports
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