24 February 2018
visit www.nextgenbanking.co.uk/

Nasdaq to buy Boston Stock Exchange

02 October 2007  |  4006 views  |  0 Nasdaq

Nasdaq has signed a definitive agreement to buy the Boston Stock Exchange (BSE) in a deal worth around $61 million.

The acquisition includes holding company BSE Group as well as the Boston Equities Exchange, the Boston Stock Exchange Clearing Corporation and Box Regulation.

Nasdaq will also acquire the electronic Boston Equities Exchange (BeX), which was shut down last month after failing to gain a significant market share.

In a statement Bob Greifeld, president and CEO, Nasdaq, says the acquisition will expand Nasdaq's execution offering and deliver user and investor benefits consistent with the exchange's previous Brut and Inet acquisitions.

Greifeld also highlighted the importance of gaining another self-regulatory organisation license to trade equities and options as part of the purchase.

"We believe a second exchange license in both equities, and in the future options, will provide market structure flexibility as we continue to deliver on our mission of being the number one trading platform in the transactions business," he says in a statement.

"From critical trading functionality, to crossing products, and risk management offerings, Nasdaq's second quote in Nasdaq, Nyse and Amex-listed securities will arm our diverse customer base with more choices and competitive pricing options," adds Nasdaq EVP of transaction services, Chris Concannon.

Nasdaq says it anticipates operating the BSE using the Inet trading system.

The deal is expected to close by early in the first quarter of 2008, subject to approval from the Securities and Exchange Commission and BSE members. Nasdaq expects the acquisition to be accretive within a year of closing.

BSE's minority stake in the Boston Options Exchange is not part of the deal because of ongoing negotiations to sell these shares to the Montreal Exchange. However, Nasdaq will operate the exchange's regulator services provider and says it is discussing the BOE's future regulatory structure with the exchange.

Nasdaq recently hammered out a deal with Borse Dubai that will see the US exchange secure control of Sweden's OMX.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Nasdaq offloads remaining LSE stake

Nasdaq offloads remaining LSE stake

24 September 2007  |  4905 views  |  0 comments
Nasdaq and Borse Dubai hammer out OMX pact; QIA takes 20% stake in LSE

Nasdaq and Borse Dubai hammer out OMX pact; QIA takes 20% stake in LSE

20 September 2007  |  9045 views  |  0 comments
Boston Stock Exchange shuts down equities e-trading venture

Boston Stock Exchange shuts down equities e-trading venture

05 September 2007  |  8655 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.vasco.comVisit https://www.capgemini.comvisit www.swift.com/your-needs/instant-payments

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11792 views comments | 16 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10325 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
8568 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
8090 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7774 views comments | 10 tweets | 14 linkedin

Featured job

Find your next job