NYSE Euronext has completed its acquisition of the American Stock Exchange, enhancing its US leadership in the field of exchange-traded funds as well as in cash equities, closed-ended fund
NYSE Euronext has completed its acquisition of the American Stock Exchange, enhancing its US leadership in the field of exchange-traded funds as well as in cash equities, closed-ended funds and structured products, and becoming the third-largest US options marketplace.
‘This combination is beneficial to our customers and shareholders, further improves our competitive position in US options, ETFs and cash equities, and enables us to realise significant operational efficiencies and new business opportunities,’ says NYSE Euronext chief executive Duncan L. Niederauer. ‘Amex customers will have more products and services available to them and the advantage of leading-edge technology.’
Neal Wolkoff, former chairman and chief executive of the American Stock Exchange, says: ‘I am extremely pleased that we have completed this compelling and strategic business combination. Amex’s diverse business groups will enhance the competitiveness of NYSE Euronext’s product lines and provide new business opportunities to the marketplace.’
NYSE Arca, the group’s electronic trading platform, already has nearly USD317.5bn in ETF and exchange-traded note assets under management in the US, more than any other exchange. With the addition of the Amex’s 416 ETF and 13 ETN listings, the group’s listings total will grow to more than 680 ETFs and 90 ETNs, in addition to its 344 ETF listings in European markets.
NYSE Euronext is also expanding its portfolio of closed-ended funds and structured products with around 420 Amex listings joining more than 1,000 issues already listed on the group’s US markets.
With the acquisition of the Amex, NYSE Euronext becomes the third-largest US equity options marketplace based on number of contracts traded. Having a second US options exchange enables the group to operate a dual market structure that provides customers with a choice of price-time priority on NYSE Arca and the Amex’s traditional market-maker model.
More than 500 Amex-listed companies are joining NYSE Euronext, adding a US platform for small-cap companies and building on its leadership in global listings. With the Amex companies, NYSE Euronext now has nearly 4,600 listed issuers and 6,500 listed issues, more than any other exchange group.
In December, the Amex equities trading platform will move to NYSE Euronext technology and its existing systems will be retired. NYSE Euronext plans to relocate the Amex options trading floor operations to the NYSE options trading floor during the first quarter of 2009, and to move to NYSE Euronext-supported technology for electronic options trading.
