NYSE Euronext Totally Explained

Everything about Nyse Euronext totally explained

NYSE Euronext, Inc. () (formerly NYSE Group, Inc. and Euronext N.V.) is an American/European for-profit corporation that operates multiple securities exchanges, most notably the New York Stock Exchange (the "Big Board"), Euronext, and NYSE Arca (formerly known as ArcaEx). NYSE Group also operates NYSE Regulation, which is a non-profit Self-Regulatory Organization that oversees securities firms and companies listed on the New York Stock Exchange and NYSE Arca.

Overview

NYSE completed its acquisition of Archipelago Holdings via reverse takeover on March 7, 2006 in a 10 billion USD deal to create the NYSE Group. The NYSE Group became a for-profit corporation and began trading publicly on its own stock exchange on March 8, 2006 under the NYX ticker. Owners of the 1,366 NYSE seats received 80,177 shares of NYSE Group stock plus US$300,000 in cash and US$70,571 in dividends. NYSE Group merged with Euronext on April 4, 2007 to form the first global equities exchange.

Merger of NYSE Group and Euronext

Due to apparent moves by NASDAQ to acquire the London Stock Exchange, NYSE Group offered 8 billion euro ($10.2b) in cash and shares for Euronext on May 22, 2006, outbidding a rival offer for the European Stock exchange operator from Germany's Deutsche Börse, the German stock market. Contrary to statements that it wouldn't raise its bid, on May 23, 2006, Deutsche Börse unveiled a merger bid for Euronext, valuing the pan-European exchange at US$11 billion (€8.6bn), €600 million over NYSE Group's initial bid. Despite this, NYSE Group and Euronext penned a merger agreement, subject to shareholder vote and regulatory approval. The initial regulatory response by SEC chief Christopher Cox (who was coordinating heavily with European counterparts) was positive, with an expected approval by the end of 2007. The new firm, tentatively dubbed NYSE Euronext, would be headquartered in New York City, with European operations and its trading platform run out of Paris. NYSE CEO John Thain, who would head NYSE Euronext, intends to use the combination to form the world's first global stock market, with continuous trading of stocks and derivatives over a 21-hour time span. In addition, the two exchanges hoped to add Borsa Italiana (the Milan stock exchange) into the grouping. On 2007-06-23, the Borsa Italiana was however sold to the London Stock Exchange.
Deutsche Börse dropped out of the bidding for Euronext on November 15, 2006, removing the last major hurdle for the NYSE Euronext transaction. A run-up of NYSE Group's stock price in late 2006 made the offering far more attractive to Euronext's shareholders. On December 19, 2006, Euronext shareholders approved the transaction by a 98.2% margin. The remainder voted in favor of the Deutsche Börse offer. Jean-Francois Theodore, the Chief Executive Officer of Euronext, stated that they expected the transaction to close within three or four months. Some of the regulatory agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on December 20, 2006. The NYSE consummated its US$11 billion takeover of Paris-based exchange operator Euronext NV at ceremonies in the U.S. and Europe on April 4, 2007.

Locations

Below is a list of major NYSE Euronext locations:

Brussels, Belgium — Euronext Brussels
Paris, France — Euronext Paris
Amsterdam, Netherlands — Euronext Amsterdam
Lisbon, Portugal — Euronext Lisbon
London, United Kingdom — Euronext.liffe
Chicago, United States of America — NYSE Arca (formerly Archipelago)
New York, United States of America — NYSE, Headquarters
New York, United States of America — AMEX (To be relocated to NYSE headquarters)
San Francisco, United States of America — NYSE Arca (formerly Pacific Exchange)

Further Information

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