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NYSE To Buy Rival Exchange

Posted Jan 17, 08 6:09 PM CST in Business 

(Newser) – The Big Board is about to get a bit bigger: The parent company of the New York Stock Exchange agreed today to snap up its smaller rival, the American Stock Exchange, for $260 million in stock, the Wall Street Journal reports. The deal ends a rivalry that began during the colonial era and unites two towers of the American financial system.

NYSE Euronext, already the nation’s largest stock-exchange operator by market capitalization, expects to reap over $100 million in savings and grow its 2009 earnings. Amex, whose traders will move to NYSE trading floors, has seen its business decline after failing to capitalize on the tech boom: Last year, the company racked up $36 million in pre-tax net losses.

Sources Wall Street Journal, Associated Press

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Duncan Niederauer, new CEO of the New York Stock Exchange, is seen as he gets ready for an interview on the trading floor of NYSE, Monday, Dec. 3, 2007, in New York. The company's acquisition of the...   (Associated Press)
Lighted NYSE signs sit atop trading post on the floor of the New York Stock Exchange Tuesday Jan. 15, 2008. NYSE's owner, NYSE Euronext, has agreed to buy its smaller rival, the American Stock Exchange,...   (Associated Press)
The facade of the New York Stock Exchange is shown in this Jan. 9, 2007 file photo. (AP Photo/Mark Lennihan, file)   (Associated Press)
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