Will the Big Apple take a bite out of the Windy City?
According to media reports, the U.S.’ oldest exchange – the New York Stock Exchange – is in talks to purchase the Chicago Stock Exchange. This follows the CHX’s scuttled attempt to be purchased by a China-led consortium In February, the Chongqing Casin Enterprise Group. and then as some suggest, to another potential suitor.
The New York Stock Exchange is in advanced talks to buy the Chicago Stock Exchange, potentially scooping up the smaller venue after its sale to another buyer collapsed, according to people familiar with the matter.
Representatives for Chicago Stock Exchange Inc. and NYSE, declined to comment. The Wall Street Journal was first to report on these proceedings.
No final agreement has been reached, according to reports and the talks might not produce any final agreement.
The CHX represents only a fraction of the daily average trading volume in the $29 trillion stock market – approximately 0.3%.
After the previous deals were scuttled, CHS floated the notion it could become cryptocurrency exchange but that has failed to materialize.
NYSE, the largest exchange in the U.S., recently purchase the National Stock Exchange, last year. The NSX, like CHX, trades only less than 1 percent of average daily volume, The NYSE rebranded the NSX as NYSE National and will employ the taker-maker pricing model when it opens on May 21.
