National Association of Securities Dealers Automated Quotations (NASDAQ), New York based stock market, is acquiring the Philadelphia stock exchange (PHLX) for $652 million cash to expand into the fast-growing options trading business.
Philadelphia exchange is third largest option exchange in the US. Its majority of shares are owned by the six Wall Street firms – Merrill Lynch, Citadel Derivatives, Morgan Stanley, Citigroup, Credit Suisse and UBS. These six firms together own 89.4% stake in PHLX.
The deal is expected to be completed in the first quarter of 2008 and this takeover will boost the Nasdaq earning starting 2009.
Philadelphia exchange is third largest option exchange in the US. Its majority of shares are owned by the six Wall Street firms – Merrill Lynch, Citadel Derivatives, Morgan Stanley, Citigroup, Credit Suisse and UBS. These six firms together own 89.4% stake in PHLX.
The deal is expected to be completed in the first quarter of 2008 and this takeover will boost the Nasdaq earning starting 2009.
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