Nasdaq CEO Sees Remedy Discussions With DOJ On NYSE Proposal
10 Maggio 2011 - 7:37PM
Dow Jones News
The chief executive of Nasdaq OMX Group (NDAQ) said he
anticipates discussing antitrust remedies with regulators reviewing
his company's proposal to take over the New York Stock Exchange,
but that any ground given would not dramatically change his plan to
create a flagship for U.S. share listings.
Department of Justice staff have set a brisk pace for reviewing
the proposal, according to Nasdaq OMX CEO Bob Greifeld, who added
that he expects stricter oversight of the listings business should
his company's bid for NYSE Euronext (NYX) win out.
"We expect there will be remedy discussions with the DOJ," said
Greifeld, speaking to investors at an event hosted by UBS AG (UBS).
"We're sanguine in that these actions don't change the business
model we're looking at."
The combination of nearly all U.S. share listings under a single
parent is seen as the biggest U.S. regulatory hurdle facing the
joint proposal by Nasdaq OMX and partner IntercontinentalExchange
Inc. (ICE) to buy NYSE Euronext, which in February agreed to merge
with Germany's Deutsche Boerse AG (DB1.XE).
NYSE Euronext has repeatedly rebuffed its uninvited suitors,
prompting ICE and Nasdaq last week to take their case directly to
Big Board shareholders. Achieving some clarity on whether the
ICE-Nasdaq proposal could pass muster with U.S. regulators is key
to securing NYSE investor support ahead of a July 7 vote on the
Deutsche Boerse combination.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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