SEC Blesses CBOE Stock Exchange's Deal For National Stock Exchange
January 05 2012 - 3:28PM
Dow Jones News
The Securities and Exchange Commission has approved the planned
takeover of the National Stock Exchange Inc. by the CBOE Stock
Exchange LLC, which is partly owned by the Chicago Board Options
Exchange.
Regulators' approval gives a green light for the union of two of
the smallest U.S. stock-trading platforms, which together represent
about 0.6% of daily turnover in domestic securities, according to
data from BATS Global Markets.
The all-electronic CBOE Stock Exchange, or CBSX, had agreed in
late September to buy the NSX, another automated market once known
as the Cincinnati Stock Exchange. Their deal was patterned on the
structure of larger rivals like Nasdaq OMX Group Inc. (NDAQ) and
NYSE Euronext (NYX), both of which run multiple stock exchanges
offering various market models and pricing schemes in a bid to lure
different types of trading.
SEC officials approved rule changes related to the deal in a
letter dated Dec. 29. The approval was the only major regulatory
sign-off needed, according to a spokeswoman for CBOE.
Alongside the Chicago Board Options Exchange, CBSX is owned by a
consortium of brokers and trading firms, including Interactive
Brokers Group Inc. (IBKR), Cowen Group Inc. (COWN), Lime Brokerage
Holdings LLC, Susquehanna International Group LLP, Wolverine
Trading LLC, IMC Group, Allston Trading and Blue Fire Capital LLC.
The CBOE is owned by CBOE Holdings Inc. (CBOE).
The NSX in recent years has worked to develop a specialty in
supplying data on exchange-traded funds and notes, following a
partnership deal in 2006 that saw six Wall Street banks and trading
firms, including Credit Suisse (CS) and Citigroup Inc. (C), take
equity stakes in the company.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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