The London Metal Exchange, founded 134 years ago above a hat shop in the financial district, may be the latest major mutual exchange to be bought after record trading volumes attracted the interest of multiple bidders.
Revenue growth for swaps clearinghouse owners will take more time to materialize than previously thought, though longer-term it could match the increased sales of up to 27 times seen in energy clearing, according to Keefe Bruyette & Woods.
Bonds of MF Global Holdings Ltd. declined to as low as 35 cents on the dollar after the futures broker run by Jon Corzine drew on its credit lines and Moody’s Investors Service and Fitch Ratings cut the firm’s ratings to junk.
NYSE Euronext, the world’s largest owner of stock exchanges, fell as much as 13 percent after analysts at Goldman Sachs Group Inc. and KBW Inc. said the rising U.S. dollar and a slowdown in trading may crimp earnings.
Knight Capital Group Inc., awaiting acquisition proposals as early as this week, may command as much as $1.4 billion based on the value of its biggest businesses, according to Keefe Bruyette & Woods Inc.