Why the New York Stock Exchange Sold Out to a Upstart You’ve Never Heard Of
The recent history of the New York Stock Exchange (NYSE) is interesting in part because it’s an illustration of how disruptive new technology can be. Twenty years ago the NYSE and it’s relatively young rival NASDAQ accounted for 97% of the total U.S. stock trading volume. Then the rapid development of computer technology, combined with a handful of regulatory changes, enabled dozens of alternative trading venues to sprout up over the past two decades, increasing competition for volume and driving down the exchanges’ profits, ultimately pushing the NYSE – one of the most enduring symbols of American capitalism — towards increasing irrelevancy. So yesterday’s announcement that a young, Atlanta-based commodity and derivatives exchange called IntercontinentalExchange (ICE) has agreed to purchase NYSE Euronext for $8.2 billion is just another sign of traditional exchanges’ waning importance on Wall Street. What’s more, analysts believe that the primary appeal of NYSE ...
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Exclusive: Bain nears $3 billion fundraising close - sources
NEW YORK - Bain Capital LLC is close to securing commitments from investors for about half the $6 billion target for its latest private equity fund, two people familiar with the matter said on Monday.
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Exclusive: Apax, Morgan Stanley look to sell Hub - sources
NEW YORK - Buyout firm Apax Partners and Morgan Stanley's private equity arm are exploring a sale of Chicago-based insurance brokerage Hub International that could be valued at around $2 billion, two people familiar with the matter said this week.
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Stocks Rise Sharply, Led by Gains in Technology
(NEW YORK) — Technology stocks roared back Wednesday, driving the Standard & Poor’s 500 and Dow Jones industrial average to record highs. The industry has lagged the broader market this year, but surged after network communication company Adtran reported earnings that were double what Wall Street analysts expected. That boosted optimism that businesses will increase spending on technology equipment. Chipmakers Micron and Intel jumped, as did other network equipment makers like Cisco and JDS Uniphase. Stocks were also up on an optimistic reading of the Federal Reserve Bank’s latest minutes. Technology stocks rose 1.8 percent, the most of the 10 industry groups in the S&P. That’s a big change from tech’s weak performance this year. The group is up just 4.7 percent, trailing the S&P’s gain of 11.3 percent. “Tech has performed so poorly, it’s oversold and warrants some interest here,” said Scott Wren, a senior equity strategist at Wells Fargo Advisors. “If the economy ...
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Exclusive: Thermo bids for Life Technologies as buyout firms circle - source
NEW YORK - Thermo Fisher Scientific Inc made a binding offer for Life Technologies Corp on Tuesday as private equity firms raced to finalize a consortium to take the genetic testing equipment maker private, several people familiar with the matter said.
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