NASDAQ Inc agreed on Wednesday to buy International Securities Exchange (ISE) for US$1.1 billion from Deutsche Boerse AG of Germany, in yet another deal among exchange operators as even bigger takeovers loom.
Deutsche Boerse, itself, is in talks to merge with London Stock Exchange Group PLC — once the target of a takeover bid by NASDAQ — while Intercontinental Exchange Inc, the owner of the New York Stock Exchange, is weighing making a counterbid for the British market operator.
Buying the ISE, which comprises three stock options markets, will help NASDAQ bolster its presence in a fiercely competitive industry that has been growing faster than the traditional equity exchange business. Other market operators with big options venues include the Chicago Board Options Exchange and BATS Global Markets Inc.
ISE’s exchanges represent more than 15 percent of all trading in US stock options, a statement by NASDAQ said.
NASDAQ is also to acquire ISE’s stake in Options Clearing Corp, the world’s biggest clearing house for equity derivatives, doubling its holding to 40 percent.
“The equities options business has been core to our long-term strategy and we believe an essential component to the strength of the NASDAQ franchise,” NASDAQ chief executive Robert Greifeld said in a statement. “I believe this transaction advances our ambitions with all our stakeholders, including clients and shareholders.”
NASDAQ has struck four acquisitions since the beginning of last year, according to Standard & Poor’s Capital IQ, including those of the private-market operator SecondMarket and the news release publisher Marketwired LP.
The transaction is expected to close by the end of the year.
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