NEW YORK Nov 12 IntercontinentalExchange Inc's
takeover of NYSE Euronext is complete and stock
of the combined company will begin trading under the symbol ICE
on Wednesday, said the head of ICE, an exchange and clearing
The deal, which was worth $10.9 billion as of Nov. 1, gives
ICE control of Liffe, Europe's No. 2 derivatives market, as well
as the New York Stock Exchange, which has been at the center of
American capitalism since it was started in 1792.
ICE will announce within days which parts of NYSE it plans
to keep, and which parts it plans to divest, ICE Chief Executive
Jeff Sprecher said in an interview on Tuesday. ICE said when it
announced the deal in December 2012 that it expected to cut the
majority of $450 million of expenses from the combined company
by the second full year after the deal closes.
Sprecher has been vocal in his criticism of the way the U.S.
equity markets function, saying problems brought on by rapid
advances of technology, fragmentation and regulation need to be
addressed and that the NYSE is the perfect place to shake things
"The market needs to embrace change, but somebody's got to
stand up and take a leadership role and hopefully others will
line up behind us and help support a vision," he said.
Sprecher, who has a history of eliminating the trading
floors of the exchanges his company has bought, has vowed to
keep open the floor of the New York Stock Exchange.
NYSE's website says the company has 2,993 employees, while
ICE had 1,121 employees as of Sept. 30, according to a recent
ICE also plans to spin off Euronext, which includes the
Paris, Amsterdam, Brussels and Lisbon stock exchanges, in an IPO
likely some time next year.