Matthew Goldstein
One of the consequences of the NYSE merger with Archipelago is that it will give the NYSE a chance to steal some of Nasdaq's business.
By acquiring Instinet, the Nasdaq hopes to blunt the NYSE's assault on its business model. In addition, it will give Nasdaq a bigger entry into pre-market institutional trading, something that has been a staple of Instinet's business. "This transaction will allow Nasdaq to compete more effectively with other US and international market centers by making our technological platform more competitive,'' said Nasdaq CEO and President Robert Greifeld. In the deal, Reuters, which owns a 62% stake in Instinet, will receive about $1 billion and plans to return that cash to its shareholders.TheStreet Premium Services
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note |
|
|---|---|---|---|---|
| 12,419.86 | 1,313.32 | 2,837.36 | 16.25 |
Oil *
103.00
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DOWN
160.83 |
DOWN
19.10 |
DOWN
33.63 |
DOWN
1.06 |
10 Yr
1.62%
SPDR Gold
151.91
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-1.28%
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-1.43%
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-1.17%
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-6.12%
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Data delayed 20 minutes |
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