19 March 2018
visit www.nextgenbanking.co.uk

DoJ clears Nasdaq's Inet acquisition

17 November 2005  |  2090 views  |  0 Source: Nasdaq

The Nasdaq Stock Market, Inc. (NASDAQ); (Nasdaq: NDAQ) announced today that it has been informed by the Department of Justice (DOJ) that the DOJ will not oppose the planned acquisition of INET.

NASDAQ announced on April 22, 2005 that it had entered into a definitive agreement to acquire Instinet Group Incorporated and that it had concurrently entered into a definitive agreement to sell Instinet's Institutional Broker division to Silver Lake Partners. As a result of these transactions, NASDAQ will own INET ECN.

NASDAQ President and CEO Robert Greifeld said, "We are grateful for the thorough review of this significant transaction by the Department of Justice and look forward to closing our acquisition of INET. The combination of NASDAQ and INET will produce an enhanced trading platform for NASDAQ that will allow us to compete vigorously with domestic and international exchanges for both trading and listings. The acquisition will help NASDAQ to innovate and to 'raise the bar' for the capital markets, with the ultimate goal of providing better execution quality and cost efficiencies for all investors."

The combination of NASDAQ with the INET ECN will provide investors with a technologically superior trading platform that is positioned to compete effectively in a post-Regulation NMS environment. NASDAQ expects to realize significant savings with the help of the INET technology. It also expects the transaction to reduce clearing costs and corporate expenses associated with the combined entity. NASDAQ anticipates this transaction will be accretive to NASDAQ shareholders within 12 months of closing.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
Visit www.nextgenbanking.co.ukVisit www.vasco.com

Top topics

Most viewed Most shared
Can banks be a threat to Big Tech?Can banks be a threat to Big Tech?
8797 views comments | 27 tweets | 37 linkedin
Indian fintech sector needs regulatory support to flourishIndian fintech sector needs regulatory sup...
8339 views comments | 9 tweets | 8 linkedin
BIS warns central banks on digital currency issuanceBIS warns central banks on digital currenc...
7153 views comments | 18 tweets | 17 linkedin
Barclays propels Coinbase into Faster PaymentsBarclays propels Coinbase into Faster Paym...
7110 views comments | 15 tweets | 28 linkedin

Featured job

Find your next job