The New York Stock Exchange bought the American Stock Exchange yesterday, ending a rivalry that dates back to colonial times. The $260 million all-stock deal makes NYSE Euronext the third-largest U.S. player in the $1.3 trillion-a-year options marketplace. Longtime traders waxed nostalgic on news of the deal. “In a time of need, I think all that heritage—people are willing to throw the books into the fire,” said Smith Affiliated Capital CEO Robert Smith, who has worked on Wall Street for 50 years. (AP in BusinessWeek.com)
The Bottom Line
January 18, 2008
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