IntercontinentalExchange and NYSE Euronext have formally filed their planned $10 billion deal to create one of the world's largest derivatives exchanges with antitrust authorities in Europe.
Approval of the deal would create a competitor to CME Group of the US and Deutsche Börse for trading and clearing futures, used by corporations and banks both to hedge risks in price movements and to speculate. The deal will also propel ICE, which has grown through offering trading in energy, emissions and commodities, into the trading of listed interest rate derivatives, the world’s largest asset class.
The deal has received approval from US authorities. Shareholders of both companies will vote on the deal on June 3.
ICE has also said it would keep the NYSE building on Wall Street but wants to hive off Euronext’s cash equities businesses, which include the stock exchanges of Paris, Amsterdam, Brussels and Lisbon. The company said it was exploring a listing of Euronext if market conditions allowed and European policy-makers supported the offering.
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