Rain Delays Play - ICE and NYSE Merger Completion Date Postponed
- The ICE and NYSE merger reported an unwanted delay in the final closure making it one of the largest trading venues in the world. The move comes as the exchange awaits European regulators approval.
Recently exchanges have got into the habit of delaying the launch or completion of important events. The much awaited Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term between two of the world's leading financial trading venues has found a hurdle before the $8.2 billion collaboration. NYSE reported that it has extended the date of completion as it awaits a final go ahead from European regulators.
In a notification issued by the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, it stated that: "ICE and NYSE Euronext have postponed the closing date of their previously announced merger transaction from November 4, 2013 to a later date to be announced to allow additional time for relevant European regulators and ministries to process and issue their approvals."
ICE shares were trading in the red, down 1.17% at 190.60.
NYSE Euronext shares were also trading lower at close by 0.86% at 43.69.
The ICE and NYSE merger was given a preliminary green signal by the European Commission, who had previously objected on the grounds of commodity and equity derivatives in June 2013.
Although the exchange does not foresee any last minute surprises that can dampen the deal, it is worth noting that the proposed merger between Deutsche Boerse AG and NYSE was rejected by the European Commission on grounds of competition and the exchange operating as a monopoly. The notification added: "Neither ICE nor NYSE Euronext anticipates any substantive issues being raised in the context of these remaining European national approvals."
The exchanges are waiting for final approval from individual regulators from Europe. They have already received a letter from the Chairman’s Committee of the Euronext College of Regulators
In addition, ICE and NYSE Euronext have not extended the election deadline for shareholders of NYSE Euronext to make merger consideration elections of stock and/or cash consideration, which remains at 5:00 pm, New York City time on October 31, 2013, with such election deadline being fixed unless extended by ICE through further public announcement.
Recently exchanges have got into the habit of delaying the launch or completion of important events. The much awaited Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term between two of the world's leading financial trading venues has found a hurdle before the $8.2 billion collaboration. NYSE reported that it has extended the date of completion as it awaits a final go ahead from European regulators.
In a notification issued by the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, it stated that: "ICE and NYSE Euronext have postponed the closing date of their previously announced merger transaction from November 4, 2013 to a later date to be announced to allow additional time for relevant European regulators and ministries to process and issue their approvals."
ICE shares were trading in the red, down 1.17% at 190.60.
NYSE Euronext shares were also trading lower at close by 0.86% at 43.69.
The ICE and NYSE merger was given a preliminary green signal by the European Commission, who had previously objected on the grounds of commodity and equity derivatives in June 2013.
Although the exchange does not foresee any last minute surprises that can dampen the deal, it is worth noting that the proposed merger between Deutsche Boerse AG and NYSE was rejected by the European Commission on grounds of competition and the exchange operating as a monopoly. The notification added: "Neither ICE nor NYSE Euronext anticipates any substantive issues being raised in the context of these remaining European national approvals."
The exchanges are waiting for final approval from individual regulators from Europe. They have already received a letter from the Chairman’s Committee of the Euronext College of Regulators
In addition, ICE and NYSE Euronext have not extended the election deadline for shareholders of NYSE Euronext to make merger consideration elections of stock and/or cash consideration, which remains at 5:00 pm, New York City time on October 31, 2013, with such election deadline being fixed unless extended by ICE through further public announcement.