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Nasdaq mulls rival NYSE Euronext bid
By Paritosh Bansal and Jonathan Spicer |
February 24, 2011, Thursday
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Print Edition
Print Edition
NASDAQ OMX Group Inc could launch a rival bid for NYSE Euronext to avoid being left on the sidelines, a source said, as traditional exchanges race to merge to see off upstart electronic rivals.
This is one option Nasdaq, valued at US$5.7 billion, is considering as a spate of deals shakes up an industry under intense cost pressure from new entrants such as BATS Global Markets, which last week snapped up rival Chi-X.
Nasdaq's alternatives include tying up with Intercontinental Exchange Inc or the Chicago Mercantile Exchange to wrest NYSE from its planned US$10.2 billion takeover by Deutsche Boerse, the source said.
Meanwhile, Toronto market operator TMX Group Inc pressed the case for its agreed deal with London Stock Exchange, warning lawmakers opposing the tie-up that Canada risked damaging its free-trade credentials if it blocked it. TMX Chief Executive Thomas Kloet said he was taking political opposition to a deal "very seriously".
Even so, he said Canada was putting its reputation on free trade and competition on the line as it considers a proposal to create a transatlantic operator worth US$7 billion in market value and the world's fifth-largest exchange ranked by trading volume.
But outside Canada, most attention had focused on merger talks between Deutsche Boerse and NYSE Euronext rather than LSE and TMX. The proposed combination is drawing comparisons with CME, the world's biggest derivatives marketplace.
The Wall Street Journal said Nasdaq may also consider selling itself or buying another competitor if it is unable to compete with Deutsche Boerse on the NYSE deal.
This is one option Nasdaq, valued at US$5.7 billion, is considering as a spate of deals shakes up an industry under intense cost pressure from new entrants such as BATS Global Markets, which last week snapped up rival Chi-X.
Nasdaq's alternatives include tying up with Intercontinental Exchange Inc or the Chicago Mercantile Exchange to wrest NYSE from its planned US$10.2 billion takeover by Deutsche Boerse, the source said.
Meanwhile, Toronto market operator TMX Group Inc pressed the case for its agreed deal with London Stock Exchange, warning lawmakers opposing the tie-up that Canada risked damaging its free-trade credentials if it blocked it. TMX Chief Executive Thomas Kloet said he was taking political opposition to a deal "very seriously".
Even so, he said Canada was putting its reputation on free trade and competition on the line as it considers a proposal to create a transatlantic operator worth US$7 billion in market value and the world's fifth-largest exchange ranked by trading volume.
But outside Canada, most attention had focused on merger talks between Deutsche Boerse and NYSE Euronext rather than LSE and TMX. The proposed combination is drawing comparisons with CME, the world's biggest derivatives marketplace.
The Wall Street Journal said Nasdaq may also consider selling itself or buying another competitor if it is unable to compete with Deutsche Boerse on the NYSE deal.
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