IntercontinentalExchange Inc's takeover of NYSE Euronext is complete and stock of the combined company will begin trading under the symbol ICE on Wednesday, said the head of ICE, an exchange and clearing house operator. The deal, which was worth $10.9 billion as of Nov. 1, gives ICE control of Liffe, Europe's No. 2 derivatives market, as well as the New York Stock Exchange, which has been at the center of American capitalism since it was started in 1792.ICE will announce within days which parts of NYSE it plans to keep, and which parts it plans to divest, ICE Chief Executive Jeff Sprecher said in an interview on Tuesday. ICE said when it announced the deal in December 2012 that it expected to cut the majority of $450 million of expenses from the combined company by the second full year after the deal closes.Sprecher has been vocal in his criticism of the way the U.S. equity markets function, saying problems brought on by rapid advances of technology, fragmentation and regulation need to be addressed and that the NYSE is the perfect place to shake things up."The market needs to embrace change, but somebody's got to stand up and take a leadership role and hopefully others will line up behind us and help support a vision," he said.
IntercontinentalExchange, Inc. (ICE) is an operator of global futures exchanges, over-the-counter (OTC), markets, derivatives clearing houses and post-trade services. Shares of ICE fell by 2.43% or $-4.92/share to $197.80. In the past year, the shares have traded as low as $122.72 and as high as $205.80. On average, 620969 shares of ICE exchange hands on a given day and today's volume is recorded at 1884788.
NYSE Euronext, is a global operator of financial markets and provider of trading solutions. Shares of NYX fell by 1.09% or $-0.5/share to $45.29. In the past year, the shares have traded as low as $22.25 and as high as $46.28. On average, 1523650 shares of NYX exchange hands on a given day and today's volume is recorded at 10796086.
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