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fib_1618

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Reply with quote  #1 
The NYSE Euronext (NYSE: NYX) is finally acquiring the American Stock Exchange. NYSE is paying roughly $260 million entirely in NYSE stock to acquire its tiny rival exchange. Amex members (full seat owners) will be entitled to receive additional shares of NYSE Euronext common stock based on the net proceeds from the expected sale of Amex’s lower Manhattan headquarters.

There are several things that will happen as a key here:

The NYSE will now be the true leader in Exchange Traded Funds (ETF's) trading, which will bring over massive amounts of more trading on the exchange. Amex has some 381 ETF's (compared to 240 NYSE ARCA ETF's). This will also bring over numerous closed-end funds and structured product listings to NYSE; Amex had 545 listings.

The NYSE will also sell the American Stock Exchange building and will consolidate the operations.

The NYSE will now be a leader in stock options trading. The combined entity will see an annualized cost synergies of over $100 million within two years from closing when you include technology, data center and staff integration, consolidation of professional and contract services and vendors.


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mortiz

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Reply with quote  #2 
Fib,

Was there any mention when the buy out would take effect?  I find it interesting the NYSE has delisted over 175 ETFs (traded non-ARCA, NYSE exchange only) over the past four months, now they're going to have most of them.  Sounds like the NYSE bond CEF universe we track is about to grow.

Randy

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fib_1618

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Reply with quote  #3 
Quote:
Was there any mention when the buy out would take effect?

"The 3rd quarter of this year".

Those interested can listen to the conference call by going to http://events.investing.excite.com/company.asp?ticker=NYX&client=excite# and clicking on the appropriate link.

Fib


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"As for it being different this time, it is different every time. The question is in what way, and to what extent" - Tom McClellan

"An economist is someone who sees something happen, and then wonders if it would work in theory" - Ronald Reagan

"What we see depends mainly on what we look for" - John Lubbock

"The eye sees only what the mind is ready to comprehend" - Henri Bergson

“Answers are easy; it’s asking the right questions which is hard” - Dr. Who - 1977

"You know the very powerful and the very stupid have one thing in common - they don't alter their views to fit the facts, they alter the facts to fit their views (which can be uncomfortable if you happen to be one of the facts that needs altering)" - Dr. Who - 1977

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