Nasdaq to buy Philadelphia exchange for $652 mln |
| Reuters - Nov 7, 2007 |
Nasdaq Stock Market Inc said on Wednesday it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing options business.
With the Philadelphia exchange, the third-largest U.S. options market, Nasdaq will handle about 15 percent of U.S. options trades. By comparison, the Chicago Board Options Exchange and International Securities Exchange (ISE.N: Quote, Profile , Research) control two-thirds of U.S. options market.
Nasdaq, which previously announced plans to launch its own options trading market by December, edged out archrival NYSE Euronext and other bidders in a weeks-long race to buy PHLX, the nation's oldest exchange. NYSE Euronext controls about 13 percent of the options market through NYSE Arca, an options platform.
Read Full Article from Reuters
- Posted: 2007-11-07 10:28:22
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