NYSE to Buy National Stock Exchange
It came down to the 11th hour, but the National Stock Exchange will live to trade another day as the New York Stock Exchange has agreed to buy the smaller bourse.
The NYSE, which operates and has three exchange licenses, now has acquired fourth in the NSX. NSX will remain open for business after filing for closure on December 9th. As a result, subject to Securities and Exchange Commission (SEC) approval, NSX will continue to operate as a licensed National Market System (NMS) exchange, and no longer has plans to cease trading on December 16 as it previously announced.
According to an NYSE spokesperson, NSX will be the only pure exchange under the NYSE umbrella that focuses purely on trading. NYSE, NYSE MKT and NYSE Arca Equities – which have unique market models designed for corporate and ETP issuers.
“The NYSE is focused on providing the best quality equity markets for corporate and ETP issuers, as well as investors. NSX will continue to operate as a trading-only venue serving market participants’ needs as they evolve,” said Tom Farley, NYSE President.
The transaction is expected to close in the first quarter of 2017, subject to customary regulatory approvals. Terms were not disclosed and the financial impact will not be material to ICE.
The NYSE will engage with NSX members, buy-side participants and retail brokerage firms before finalizing operational plans for NSX.
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The transaction is expected to close in the third quarter of 2018.