The CEO of the Chicago Stock Exchange has agreed to sell the exchange to the Intercontinental Exchange (ICE) in a massive deal. The new exchange will help the New York Stock Exchange (NYSE) and the ICE to further establish themselves as the single largest exchange in the world.
The final agreement on a deal where the New York Stock Exchange’s parent company, the Intercontinental Exchange (ICE), will buy the Chicago Stock Exchange (CHX) has been finalized. Details about the deal have not yet been shared with the public, but according to the Wall Street Journal, ICE is paying $70 million for the exchange.
The NYSE is already the largest exchange in the world, and when ICE acquires the Chicago based exchange, they will further establish that role. When the news about the finalized deal was published, John Kerin the CEO of the Chicago Stock Exchange shared his excitement.
“We are pleased to enter this agreement with the world’s leading exchange operator,” John Kerin said before he added, “ICE is a proven innovator in the Exchange space and we are looking forward to joining its family of exchanges.”
How Big Is the NYSE?
The NYSE is the largest stock exchange in the world by market cap. It lists some of the world’s biggest companies and it handles trading worth roughly $200 billion every day. The exchange also lists companies to a value of over $21 trillion, including Berkshire Hathaway, IBM, and General Motors.