The practice among stock exchanges of paying rebates to some traders puts long-term investors at a disadvantage and the Securities and Exchange Commission should consider eliminating the system, RBC Capital Markets said.
IntercontinentalExchange Group Inc. agreed to buy Singapore Mercantile Exchange Pte for $150 million to add commodity futures trading in Asia, where China reigns as the biggest user of everything from energy to metals.
IntercontinentalExchange Inc. completed its purchase of NYSE Euronext at the close of today’s trading session, and its chief executive officer said the deal will usher in a swift shift to a more aggressive culture at the 221-year-old owner of the New York Stock Exchange.
Two senior executives at NYSE Liffe, Fraser Cowie and Ian Dudden, plan to leave the derivatives market after IntercontinentalExchange Inc. finishes buying its owner, NYSE Euronext, according to three people familiar with the situation.
Jeffrey Sprecher, who built the second-largest U.S. futures market, will likely focus on reducing costs after acquiring NYSE Euronext even if that means separating the 220-year-old New York Stock Exchange.
Rules governing U.S. equities trading should be pared back because regulations have made the market vulnerable to breakdowns, according to a senior executive at the company poised to buy the New York Stock Exchange.
IntercontinentalExchange Inc. Chief Executive Officer Jeffrey Sprecher said he is open to changing the terms of his joint unsolicited bid with Nasdaq OMX Group Inc. to buy NYSE Euronext if the company will meet with him.
NYSE Euronext, the bourse operator being acquired by IntercontinentalExchange Group Inc., has tapped JPMorgan Chase & Co. and Societe Generale SA to help arrange the initial public offering of its European equity operations, four people with knowledge of the matter said.