NYX Nyse Euronext

The chief executive of the Chicago Board Options Exchange said Wednesday that he felt no pressure to merge with a larger exchange company, now that CBOE Holdings Inc. (CBOE) is free to pursue deal talks.

CBOE chief William Brodsky said in an interview with CNBC that his was a "very strong independent company," and that he saw no need to seek out a deal.

CBOE, which operates the largest U.S. options exchange by volume as well as smaller markets in stocks and futures, launched a long-awaited initial public offering last month after a years-long legal dispute slowed its pursuit of a listing.

The battle, which centered on ownership rights in the CBOE, was also seen complicating any potential acquisition of the CBOE by a rival exchange operator.

The CBOE's July 15 market debut was well received, but CBOE shares have slid below the offering price in recent weeks amid a broader decline in stocks and an analyst's report last week suggested CBOE shares were overvalued.

CBOE shares recently were 1% lower at $27.44.

CBOE has long been viewed as a takeover target for larger exchange companies that have already tapped the public markets.

NYSE Euronext (NYX), CME Group Inc. (CME) and IntercontinentalExchange Inc. (ICE) all have been mentioned by analysts as potential buyers, with some seeing the possibility of an international bidder emerging, such as the Hong Kong Exchange (0388.HK) or Brazil's BM&FBovespa (BVMF3.BR).

Brodsky, who has led CBOE as CEO and chairman since 1997, has maintained that CBOE shouldn't be viewed strictly as a takeover target, but also as a potential acquirer.

Speaking to CNBC Wednesday, Brodsky said that a raft of new rules for U.S. financial markets, poised to pass a key Senate vote possibly as early as this week, is an overall positive for the exchange industry.

Regulators and lawmakers have crafted new rules that would shift much trading of over-the-counter derivatives to clearinghouses, many of which are owned by exchanges, while setting up a migration to electronic trading of the instruments.

Brodsky also commended the Securities and Exchange Commission for taking a "holistic" view of U.S. market structure as the regulator implements new rules aimed at addressing the rapid growth of electronic trading and issues exposed by the so-called flash crash of May 6.

-By Jacob Bunge, Dow Jones Newswires; 312-750-4117; jacob.bunge@dowjones.com

Grafico Azioni NYSE Group (NYSE:NYX)
Storico
Da Giu 2024 a Lug 2024

Grafico Azioni NYSE Group (NYSE:NYX)
Storico
Da Lug 2023 a Lug 2024