Nasdaq to buy the Boston bourse

Source: Stock Market Digital

Date :10/3/2007 3:51:19 AM

The Nasdaq Stock Exchange is set to buy to buy the Boston Stock Exchange in a £30 million deal.

The acquisition, which will bring about the end of 173 years of independence for the BSE, is to be completed in early 2008 subject to regulatory approval.

In a press release, Nasdaq said: "The acquisition is attractive to its shareholders because it will allow NASDAQ to utilize a second self-regulatory organization license in both equities and options to enhance its growing trading platforms in the transaction businesses."

Michael Curran, chairman and chief executive officer at the Boston Exchange, said responded by saying:

‘Tradition’

"Though it is a sad moment for the BSE and its 173-year heritage of innovation and service to the U.S. markets, we are not immune to the global consolidation that is occurring in this industry,"

Nasdaq’s shares climbed by 1.1 percent to $38.96 in the morning trade.

October 3, 2007

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