Instead of fighting the NYSE, Nasdaq wants to own it.
Nasdaq OMX Group Inc. and another U.S.-based market, the IntercontinentalExchange Inc., submitted a joint $11.3 billion bid Friday for NYSE Euronext, the parent company of the New York Stock Exchange. The offer, which was expected, raises the possibility of a bidding war. NYSE agreed to a $10 billion deal with a German exchange operator in February.
The dueling bids for the NYSE show how intense the competition for trading in stocks, options and other investments has become. Though mergers between exchanges have little impact on small investors, they are a means for survival for these markets.
Technology has cut trading costs. More high-tech companies such as the BATS Exchange and Direct Edge have emerged to give investors the opportunity to find the best price for a security in milliseconds.
Associated Press
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