As the second half of the year passed, the theme of exchange consolidation continued to dominate the headlines, culminating in the announcement of a blockbuster deal in Chicago. With commodities and regulatory questions also attracting attention, there was no sign of a slowdown in a booming industry. FO Week's Laurence Davison rounds up another busy six months
New York was very much the focus as the second half of
the year began, with rumours emerging that New York Board of
Trade (Nybot) was a takeover target of Intercontinental
Exchange (ICE). Nybot members were concerned that a deal with
the all-electronic ICE would spell an end to floor trading at
their own exchange, while New York Mercantile Exchange (Nymex)
management had to face the possibility of their tenant, Nybot,
being owned by their biggest competitor.
Nymex itself had a busy month, with the exchange finally
settling months of speculation by confirming plans for an IPO,
putting to rest whispers of a takeover or merger with another
business. In the wake of the IPO document filing, some sources
speculated that a listed Nymex might still struggle to complete
the transition to fully-electronic trading if, as anticipated,
a significant proportion of its equity were to be bought by
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