SEC Extends Review Of NYSE Amex Stake Sale Until July
18 Maggio 2011 - 7:44PM
Dow Jones News
The Securities and Exchange Commission on Wednesday said it
would extend until July 1 its review of a plan by NYSE Euronext
(NYX) to sell half of its Amex options exchange to a group of Wall
Street firms.
The move adds another 45 days to an already lengthy process for
the deal, struck with seven banks and trading firms in the fall of
2009, which has been closely watched by rivals.
Extending the review would give authorities more time to
consider the implications of the deal and comments submitted on it,
according to a statement from the SEC. NYSE Euronext submitted the
plan to regulators in mid-March.
The idea of the deal is to share ownership in the exchange with
some of its biggest users, giving them further incentive to take
their options business to the Amex, acquired by NYSE Euronext in
the fall of 2008 for $260 million.
Under terms of the deal, Goldman Sachs Group Inc. (GS) and
Citadel LLC would each get a nearly 15% stake. Bank of America
Corp.(BAC), Citigroup Inc. (C), TD Ameritrade Holding Corp.(AMTD),
and UBS AG (UBS, UBSN.VX) would each hold about 5%, with 3% going
to Barclays PLC (BCS, BARC.LN).
NYSE Amex would retain 47.2% of the remaining common-interest
holdings, with 100% of preferred non-voting interests. No
stakeholder will be allowed to hold more than 19.9% of the market,
aside from NYSE Amex.
The stakes held by firms could expand or shrink, depending on
how much business they are doing at the Amex, and credit will be
given for activity going back to October 2009, when the agreement
was announced. Each year, available cash will be distributed back
to NYSE Amex and the owner-firms.
If stakeholders aren't meeting agreed-upon levels of trade,
their interest in the exchange could be diluted, according to terms
of the agreement.
A spokesman for NYSE Euronext had no immediate comment.
-By Jacob Bunge, Dow Jones Newswires; 312 750 4117;
jacob.bunge@dowjones.com
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