Re: American Stock Exchange Has Been Acquired
Before we can seriously consider the question “Is the acquisition of the American Stock Exchange by NYSE Euronext good news, bad news, or unimportant news?”, we should first answer the most relevant preliminary question “How many markets does NYSE Euronext now control?”
Moreover, given the recent acquisitions of the Prague Stock Exchange and the Ljubljana (Slovenia) Stock Exchange, we should look at the holdings of the Wiener Borse.
Finally, during my research, NASDAQ’s name was frequently mentioned as a “gobbler” of international stock exchanges.
NYSE Euronext holdings
American Stock Exchange
Amsterdam Stock Exchange (and Liffe derivatives market)
Brussels (Belgium) Stock Exchange (and Liffe derivatives market)
Chicago Board of Trade Metals Complex
Lisbon (Portugal) Stock Exchange (and Liffe derivatives market)
London Liffe derivatives market
NYSE
NYSE Arca (options trading; formerly Pacific Exchange)
Paris Stock Exchange (and Liffe derivatives market)
25% of the Doha (Qatar) Securities Market
Vienna Stock Exchange holdings
(manages) Bucharest (Romania) Stock Exchange
Budapest Stock Exchange
Ljubljana (Slovenia) Stock Exchange
Prague Stock Exchange
(manages) Zagreb (Croatia) Stock Exchange
NASDAQ OMX Group holdings
Copenhagen Stock Exchange
Helsinki Stock Exchange
Iceland Stock Exchange
NASDAQ
Riga (Latvia) Stock Exchange
Stockholm Stock Exchange
Tallinn (Estonia) Stock Exchange
Vilnius (Lithuania) Stock Exchange
33 1/3% interest in Dubai (United Arab Emirates) International Financial Exchange, or DIFX. NASDAQ intends to increase its stake to 67%.
Rumored to have an interest in acquiring the London Stock Exchange. (The London Stock Exchange, in turn, already owns the Milan (Italy) Stock Exchange.)
Interesting Notes
• NYSE Euronext is a for-profit corporation that trades on the New York Stock Exchange under the symbol “NYX”.
NASDAQ OMX Group is a for-profit corporation that trades on NASDAQ under the symbol “NDAQ”.
• Although NYSE Euronext’s website states, “NYSE Euronext brings together six cash equities exchanges in five countries and six derivatives exchanges”, I was unable to find a list of the exact exchanges on their website. My email to NYSE Euronext’s Customer Support (support@nyx.com) was never answered.
A similar situation prevails on NASDAQ OMX’s website, where its European holdings are simply referred to as “Nordic Exchange” and “Baltic Markets”. I only found the exact exchanges in a note to their 10-Q.
During my research, I got the impression that NYSE Euronext and NASDAQ do not want to make their holdings perfectly transparent.
• If there’s a graduate student in our midst who needs a topic for a dissertation, I would propose pursuing the ownership links in all of the world’s stock exchanges.
Sources
• NASDAQ OMX Group, Inc. (symbol: NDAQ) Form 10-Q for quarter ended June 30, 2008
• NYSE Euronext (symbol: NYX) Form 10-Q for quarter ended June 30, 2008
• Wiener Borse website
• Wikipedia entry for NASDAQ
• Wikipedia entry for NYSE Euronext
• Wikipedia entry for Wiener Borse
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