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Investing

AMEX & NYSE Finally United (NYX)

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By Douglas A. McIntyre Updated Published
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Nyse_logoNYSE Euronext (NYSE: NYX) made an announcement that it has completed its acquisition of the American Stock Exchange.  This deal has felt as though it has been on the books forever.  We don’t know whether to say "Congrats!" or "Finally!" in this merger.  We covered the original terms of the deal back on January 17, 2008.  It’s been a tough time since then, although not because of the integration.  NYSE shares were north of $80 for much of January, yet closed at $39.18 yesterday.

NYSE says it is becoming the third-largest U.S. options market andenhancing its leadership in ETFs, cash equities, closed-end funds andstructured products.  It also expects that this merger will generateannualized run-rate cost savings in excess of $100 million by the endof 2009 and be accretive to earnings.

The NYSE expects the AMEX trading system to be retired and migrated toNYSE Euronext in December.  The floor will be relocated in early 2009to the NYSE location.  This deal was valued at $260 million in NYSEstock plus the distribution to exchange members for the sale proceedsof the AMEX headquarters in New York.

Jon C. Ogg
October 1, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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