Saturday, Sep 24, 2016
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Stock Market

Stock exchange’s sale for $8B OK’d by SEC

WASHINGTON — U.S. regulators have approved the proposed $8 billion sale of the venerable New York Stock Exchange to a much younger futures exchange. The deal is a symbol of the way financial markets are being reshaped by high technology.

The Securities and Exchange Commission said Friday it has authorized the takeover of the NYSE’s parent by IntercontinentalExchange, or ICE. ICE’s offer was valued at $8 billion when announced in December. Based on ICE’s share price, the deal would be worth $10 billion.

Regulators in Europe must OK the deal: The NYSE’s parent is NYSE Euronext, which includes stock exchanges in Europe.

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