NO 239 – JANUARY 2013
2012 WFE market highlights

WFE Focus January 2013
Exchange consolidation news

IntercontinentalExchange to acquire NYSE Euronext

IntercontinentalExchange and NYSE Euronext signed a definitive agreement for ICE to acquire NYSE Euronext in a stock-and-cash transaction on 20 December 2012. The acquisition combines two leading exchange groups to create a premier global exchange operator diversified across markets including agricultural and energy commodities, credit derivatives, equities and equity derivatives, foreign exchange and interest rates. The transaction is expected to close in the second half of 2013, subject to regulatory approvals in Europe and the US and approval by shareholders of both companies. ICE intends to explore an initial public offering of Euronext as a Continental European-based entity following the closing of the acquisition if market conditions and European policy makers support the offering. Jeffrey C. Sprecher will continue as Chairman and CEO of the combined company. Duncan L. Niederauer will be President of the combined company and CEO of NYSE Group.

London Stock Exchange Group and LCH.Clearnet receive clearance from Office of Fair Trading

On 14 December 2012, the Office of Fair Trading cleared the proposed acquisition by LSEG of a majority stake in LCH.Clearnet. LSEG and LCH.Clearnet also received approval from the Portuguese competition authority. However, the transaction remains subject to other conditions including approval from the Financial Services Authority. In addition, LSEG agreed with LCH.Clearnet to extend the deadline for the transaction until 31 January 2013 in order to finalize the detailed terms of a revised offer.

SIX to purchase Oslo Clearing

SIX has agreed to acquire 100% of Oslo Clearing from Norway’s Oslo Børs. It currently carries out CCP clearing of financial directives and security lending products. The acquisition is subject to customary approvals and other conditions and is therefore expected to close in the second quarter of 2014. Oslo Clearing will be part of Securities Services, the post trade division of SIX.