U.S. regulators have approved the proposed US$8 billion sale of the venerable New York Stock Exchange to a much younger futures exchange. The deal is a symbol of the swift evolution of financial markets reshaped by technology.
The Securities and Exchange Commission says it’s authorized the takeover of the two-centuries-old NYSE parent by Atlanta-based IntercontinentalExchange, or ICE. The acquiring company, founded in 2000, has expanded rapidly through acquisitions over the past decade.
The SEC says in a filing that it’s determined that the proposed merger of the exchanges would comply with securities laws and regulations.
The merger also must be approved by several market regulators in Europe. The NYSE’s parent is NYSE Euronext, which includes stock exchanges in Europe.
The deal is expected to close in the fall.