Nasdaq OMX, and IntercontinentalExchange (ICE) on Friday sought to break up a plan to create the world’s largest exchange, making an $11.3bn offer for NYSE Euronext weeks after it had agreed a merger with Deutsche B?rse.
The move, which Nasdaq OMX chief executive Robert Greifeld described as “an unexpected opportunity”, is a sign that a wave of exchange consolidation triggered five months ago has entered a new phase. The world’s biggest bourses are battling for pole position in a hyper-competitive industry confronted with sweeping regulatory changes.
The battle for NYSE will also shape the fates of the world’s leading financial centres. The Nasdaq-ICE proposal would bolster New York’s position as a global listings centre, while London would be strengthened in derivatives.