NYSE is looking to buy Chicago exchange

The price on the table for is reportedly $70M

TRD New York TRD WEEKEND EDITION /
Mar.March 31, 2018 08:00 AM

Chicago Stock Exchange. (Credit from back: Dan Perry, Arturo Di Modica; Foto von Andreas Horstmann)

The Chicago Stock Exchange could be selling out to New York.

The last independent regional exchange in the U.S. seems to be out of options after its deal with Chinese company North America Casin Holdings fell apart in February due to the Securities and Exchange Commission blocking the sale due to regulatory shortcomings, according to the Wall Street Journal.

After the Chicago exchange announced it was seeking new buyers in early March, the New York Stock Exchange stepped in and reportedly offered over triple the Chinese firm’s price; North America Casin Holdings had been in talks to buy the exchange for $20 million while NYSE is supposedly in talks over a price of about $70 million.

What about the small Chicago exchange, which handles below 1 percent of American stock-trading volume, warrants the high offer? Chicago’s national securities exchange license — the application for which can take years to secure.

NYSE has a track record of buying independent exchanges and relaunching them, and the Journal notes that acquiring the smaller exchange could be a ready-made way to test pricing and financial instruments like cryptocurrency. [WSJ]Erin Hudson


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
(iStock)

Real estate stocks end week mixed as virus fears rise and markets fall

Real estate stocks end week mixed as virus fears rise and markets fall
Joseph Tabak

Portrait of a deal junkie: The Joseph Tabak story

Portrait of a deal junkie: The Joseph Tabak story
Matt Borstein, Deutsche Bank’s global head of CRE, is moving to Oak Hill Advisors (Photo via Deutsche Bank)

Deutsche Bank’s CRE head moves to Oak Hill Advisors

Deutsche Bank’s CRE head moves to Oak Hill Advisors
Bank OZK CEO George Gleason (Unsplash; Bank OZK)

Bank OZK’s lending up in third quarter

Bank OZK’s lending up in third quarter
WeWork CEO Sandeep Mathrani (Wikipedia Commons; iStock)

WeWork bonds, already junk, downgraded by Fitch

WeWork bonds, already junk, downgraded by Fitch
(Getty, iStock)

Cash-strapped borrowers are increasingly giving keys back to lenders

Cash-strapped borrowers are increasingly giving keys back to lenders
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...