NYSE to acquire 136-year-old Chicago Stock Exchange
New York — The Chicago Stock Exchange’s two-year sale process is finally ending. The New York Stock Exchange’s parent company, Intercontinental Exchange agreed to acquire the tiny 136-year-old market operator for an undisclosed amount, according to a statement on Thursday. The deal follows a lengthy sale ordeal that included a takeover agreement from another group of buyers — a largely unknown collection of companies led by a Chinese conglomerate — that US regulators rejected this year. ICE’s takeover raises the question of why a behemoth would bother with a company that is an afterthought in the US stock market. The Chicago Stock Exchange handles less than 1% of the nation’s equity volume, while more than a fifth takes place on the three NYSE exchanges. Though NYSE is not picking up a meaningful amount of business, it does get another license to operate an exchange. Those can either be acquired by going through a long approval process at the US Securities and Exchange Commission or...
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