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News Summary: US allows sale of NYSE parent to ICE

Published on NewsOK Modified: August 16, 2013 at 6:40 pm •  Published: August 16, 2013

EXCHANGES MERGER APPROVED: 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 points up how financial markets are increasingly being reshaped by technology.

ICE UPSTART: The Securities and Exchange Commission authorized the takeover of NYSE Euronext, parent of the 200-year-old NYSE, by rival Atlanta-based IntercontinentalExchange. That exchange, known as ICE, was an upstart at its founding in 2000 and has expanded rapidly through acquisitions over the past decade.

JUMP IN VALUE: ICE's offer was valued at $8 billion when it was announced in December. Based on current share prices, the deal would be worth about $10 billion. It is expected to close in the autumn.