NO 227 – JANUARY 2012

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WFE Focus January 2012
Exchange consolidation news

CBOE Holdings invests in Intellectual Property Exchange
CBOE Holdings has made an investment in the Intellectual Property Exchange International (IPXI), the first financial exchange focused on intellectual property. CBOE Executive Vice President Richard DuFour was named to IPXI’s Board of Directors. Funding by CBOE and other investors should allow IPXI to build out its infrastructure and facilitate the issuance of Unit License Right contracts in 2012. These contracts are designed to permit intellectual property owners to monetize their patents using standardized contracts and transparent pricing versus traditional bilateral licensing of patents.

CBOE Stock Exchange completes acquisition of NSX
On 29 September 2011, CBOE Stock Exchange had entered into a definitive agreement to acquire the National Stock Exchange. The transaction closed on 30 December 2011, making NSX a wholly-owned subsidiary of CBSX. Both CBSX and NSX will continue to operate as independent exchanges, under a unified management group located in Chicago and Jersey City, New Jersey.

MICEX-RTS Group presents its new securities market structure
From 19 December 2011, trading on the securities market of MICEX-RTS Group are held in three sections: Main market that will combine all previous trading modes of the MICEX equity and bond markets; Standard that is an unchanged version of the RTS Standard market; and Classica that is similar of the RTS Classica market. In addition, revised MICEX fees, including a reduced commission for Main market trades, took effect.

NASDAQ OMX acquires CSD of Lithuania
NASDAQ OMX Group completed its acquisition of the Central Securities Depository of Lithuania, whereby NASDAQ OMX Helsinki purchased the remaining 60% of the shares of the CSDL from the Bank of Lithuania. With this acquisition, the NASDAQ OMX Group now owns 100% of the CSDL.

NYSE Euronext merger with Deutsche Börse cleared by US Department of Justice and merger deadline extended
On 22 December 2011, the Antitrust Division of the US Department of Justice cleared the proposed combination between NYSE Euronext and Deutsche Börse, entering into a consent decree with both exchanges that allows the combination to proceed. However, it required the sale of the International Securities Exchange’s minority stake in Direct Edge Holdings. ISE is wholly owned by Eurex, the derivatives exchange of Deutsche Börse. According to the consent decree, the parties have at least two years from the date of the closing of their combination to complete this sale. In addition, the deadline and completion conditions for the merger have been extended to 31 March 2012.

Rosario Stock Exchange and ROFEX to merge
The Rosario Stock Exchange and Rosario Futures Market have made an agreement to establish a market offering the most diversified product range in the country. The merger will be brought before a special meeting of shareholders in early March 2012. The new entity once approved, should become “ROFEX-MVRSecurities and Futures SA”. It will bring together agricultural commodities, gold and oil futures operations which today are run by ROFEX, with equities, debt securities and other products run by the Rosario Stock Exchange.

TMX Group acquires stake in Bermuda Stock Exchange
TMX Group has purchased a 16% minority stake in the Bermuda Stock Exchange, becoming one of the largest shareholders of the BSX. Tom Kloet, TMX Group’s CEO, will be joining the BSX Board of Directors.

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