Atlanta firm inks to deal to buy NYSE

9:33 PM, Dec 20, 2012   |    comments
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ATLANTA --  Nestled in the woods in an unassuming office building in NW Atlanta is a company poised to take over America's Iconic New York Stock Exchange. 

RELATED | NYSE sale to Atlanta company

The company is called IntercontinentalExchange or ICE. It's co-founder 57 year old Jeffrey Sprecher reached a deal to buy the 2 centuries old 'Big Board' for 8.2 Billion dollars.

The deal is still subject to regulatory approval and is the second time in 2 years that ICE has attempted to take over the exchange.

READ | Press Release annouoncing deal

It would be quite a coup for the 12 year old Atlanta firm which has grown into international financial conglomerate specializing electronic trading exchanges with 1.3 billion dollars in annual revenue.

In an interview earlier this year with the Atlanta Journal-Constitution, Sprecher was quoted saying, "I never traded. I never wrote computer code. Yet I built an electronic trading company that's involved in some of the most advanced trading anywhere."

ICE moved to dominance in the clearing of credit default swaps, those are the derivatives that played a large role in the 2008 financial meltdown.  IntercontinentalExchange's bid to buy the New York exchange brings ownership back home to America from the current owner, European based Euronext.

Although it will be wielding its weight on Wall Street, the Atlanta company won't be dislodging the exchange from its New York home and will be sharing management between the two cities.

Related article USA Today

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