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Regulatory convergence pre-requisite for successful exchange consolidation
NASDAQ’s executive management team will need to carefully weigh its options on the mechanics of the proposed merger with Euronext.

Oct 30, 2013 | Mobasher Kazmi

In recent published comments of NASDAQ CEO Bob Greifield, he indicated that the group was considered to be a credible buyer of NYSE Euronext. Greifield underlined the fact that NASDAQ possesses both the capacity and expertise to manage Euronext’s various European exchanges located in select markets across the continent. Yet, as the world’s second largest stock exchange by market capitalisation positions itself to acquire Euronext, after its earlier failed bid in 2011, the question remains whether the buyout will be approved by regulators and if exchange consolidations in the current environment makes strategic business sense.

Greifield remarked that NASDAQ would be remiss not to evaluate a deal for Euronext, which is slated to launch an initial public offering (IPO) in early 2014, as IntercontinentalExchange’s (ICE) takeover of NYSE Euronext is completed. He clarified that NASDAQ would not launch a pre-emptive bid ahead of the IPO and it remains too early to determine if NASDAQ would pursue European exchanges being spun off from NYSE Euronext.

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Categories: Exchanges, Markets & Exchanges, Risk & Compliance
Keywords: NASDAQ, NYSE Euronext, NYSE-Liffe, Deutsche Boerse, ASX, Bob Greifield, Elmer Funke Kupper, ICE, The Carlyle Group
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