Dec. 20 (Bloomberg) -- Exchange companies can either merge or risk being marginalized by competition, according to NYSE Euronext Chief Executive Officer Duncan Niederauer.
“We’re in an industry where scale is essential,” he said in a Bloomberg Television interview today. “It’s an imperative, it’s not going to change, and consolidation is therefore an inevitability.”
IntercontinentalExchange Inc., the 12-year-old energy and commodities bourse, said today it agreed to acquire the owner of the New York Stock Exchange for cash and stock worth $8.2 billion, moving to control of the biggest equities market.
While NYSE’s planned merger with Deutsche Boerse AG was blocked by European competition authorities in February, Niederauer said he expects today’s deal today be approved.
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