Report: German firm close to buying New York Stock Exchange

The Wall Street Journal is reporting that the New York Stock Exchange — the citadel of American capitalism for 219 years — was near an agreement to be acquired by Deutsche Börse AG in a deal that would create the world’s largest financial exchange.

If a deal is reached and regulators approve, the WSJ writes that the combined company would trade more stocks and futures than any rival in the world and more options than any U.S. exchange.

The takeover would culminate a decade of tie-ups by exchanges around the world eager to find new sources of growth and catch up with smaller rivals that have been quicker to embrace new kinds of trading, the WSJ writes.

For New York, the move is symbolic of the city’s fading dominance on the world stage as other countries are drawing investors directly to their markets, the WSJ writes.

The move also is a recognition that securities trading today goes on at all hours and in all time zones, making the actual bricks and mortar of Wall Street far less important than before, the WSJ writes.

“New York is going to be important, but it’s not the financial center. Capital markets are everywhere now,” Michael LaBranche, CEO of LaBranche & Co, told the WSJ.

Antitrust experts cautioned that the proposed deal could face tough regulatory scrutiny in Europe and in Washington, the WSJ reports.

- Henry Unger, The Biz Beat

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18 comments Add your comment

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devildog0300

February 10th, 2011
7:23 am

I don’t like it. Look what happened when the big banks started eating the small banks. I see more trouble than good from this.

Donnie Corleone

February 10th, 2011
7:37 am

What’s the New York Stock Exchange?

Donnie Corleone

February 10th, 2011
7:40 am

It’s all part of Hitler’s plan to rule the world. You’ve gotta see the irony.

zeke

February 10th, 2011
8:13 am

The government should ban this transaction as detrimental to the USA and the World financial
system!!!!!!

F-5

February 10th, 2011
8:15 am

With all of the underhanded-behind the scene deals that Russia is making with China and the middle east, I think more alliance with Germany is a good thing. They are the most powerful country in the EU and would be our best ally in that region.

[...] German firm close to buying New York Stock Exchange [...]

Dave

February 10th, 2011
9:04 am

Wall st and the NYSE would be fine if the got rid of the greedy crooks. But of course there wouldn’t be anybody left if they did that.

JJ

February 10th, 2011
9:07 am

Does America own anything anymore?

The Economy

February 10th, 2011
9:56 am

Why not, we are broke. Time to sell assets America, the creditors are calling,,,,ring ring.

H

February 10th, 2011
9:58 am

So whats Bloomberg going to say now that his beloved city is no longer the “financial capital of the world”. Banking and finance is done anywhere at anytime. New York is NOT the center of the universe. Time to realize that.

dmcsga

February 10th, 2011
11:03 am

I agree with F-5. I think in order for us to recover we have to bring money in from outside of the US. We can’t fix the economy with our economy. It will require to do a lot more business overseas. Also it seems to me that Germany is about to get a stronghold on things. Seeing they are bringing jobs here for Volkswagen and Thyssen-Krupp and a few other companies. So having Germany is a partner overseas would be a good thing.

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Mikey

February 10th, 2011
7:27 pm

I’ve created the first Facebook Page about in opposition of a German takeover of the NYSE. It’s called “Say No to NYSE Takeover. Please like it! Let’s show those folks that we don’t want a merger.

DC

February 11th, 2011
10:14 pm

Didn’t the Germans help energize the economies of the U.S. and other countries in WWI and WWII by encouraging massive military production? And overpopulation was reduced too!

The Future

February 12th, 2011
3:25 am

The Economy, you’re damn right! It’s just a matter of the debtors calling in their pound of flesh from the USA!

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Joel

February 15th, 2011
8:19 pm

New World Order/UN Agenda 21….. nuff said