SEC approves ICE-Nyse Euronext deal
On June 14, 2013, each of New York Stock Exchange LLC, NYSE MKT LLC , and Nyse Arca, Inc., filed with the Securities and Exchange Commission, pursuant to Section 19(b)(1)1 of the Securities Exchange Act of 1934 ,2 and Rule 19b-4 thereunder, proposed rule changes in which New York Stock Exchange Holdings LLC, the successor entity to the Nyse Exchanges'indirect parent, Nyse Euronext, will become a wholly-owned subsidiary of InternationalExchange Group, Inc.
0
External
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The proposed rule changes were published for comment in the Federal Register on July 1, 2013. The Commission received one comment letter on the NYSE proposal. The Exchange filed a response to these comments on August 8.
The Commission has reviewed carefully the proposed rule changes, the comment letter, and finds that the proposed rule changes are consistent with the requirements of the Act and the rules and regulations thereunder applicable to a national securities exchange.7 In particular, the Commission finds that the proposed rule changes are consistent with Section 6(b) of the Act,8 which, among other things, requires a national securities exchange to be so organized and have the capacity to be able to carry out the purposes of the Act and to enforce compliance by its members and persons associated with its members with the provisions of the Act, the rules and regulations thereunder, and the rules of the exchange, and assure the fair representation of its members in the selection of its directors and administration of its affairs, and provide that one or more directors shall be representative of issuers and investors and not be associated with a member of the exchange, broker, or dealer. Section 6(b) of the Act9 also requires that the rules of the exchange be designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest.
For full details, click here