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Paris (AFP) – The U.S. market ICE said on Wednesday that it had completed the acquisition of U.S.-European stock market operator NYSE Euronext for $11.0 billion (8.2 billion euros).

The acquisition by Intercontinental Exchange (ICE) creates a global giant among financial markets.

The deal also ends nearly two centuries of independence by the New York Stock Exchange, and signals the likely spin-off of Euronext.

ICE said that the deal “creates the premier operator of global exchanges.”

It said that the new entity was “diversified across a range of asset classes spanning interest rates, equities and equity derivatives, credit derivatives, bonds, foreign exchange, energy, metals and agricultural commodities.”

The chief executive of ICE, Jeffrey C. Sprecher, said: “This is a game changing transaction … ICE now leads in terms of the breadth and depth of services, best-in-class technology, and access to markets and capital.”

The statement said that the group had a market value of $23 billion, operated in 16 exchanges and five central clearing houses.

ICE and NYSE Euronext are to continue to operate under their own brands, but ICE repeated that it expected float Euronext off in an initial public offering (IPO).

Euronext operates a number of European markets, including the Paris stock market from which it originates.

AFP Photo/Andrew Burton

 

Photo by Mediamodifier from Pixabay

Reprinted with permission from TomDispatch

When it rains, pieces of glass, pottery, and metal rise through the mud in the hills surrounding my Maryland home. The other day, I walked outside barefoot to fetch one of my kid's shoes and a pottery shard stabbed me in the heel. Nursing a minor infection, I wondered how long that fragment dated back.

A neighbor of mine found what he said looked like a cartridge case from an old percussion-cap rifle in his pumpkin patch. He told us that the battle of Monocacy had been fought on these grounds in July 1864, with 1,300 Union and 900 Confederate troops killed or wounded here. The stuff that surfaces in my fields when it storms may or may not be battle artifacts, but it does remind me that the past lingers and that modern America was formed in a civil war.

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