NEW YORK ( The Deal) -- The decision by NYSE Euronext (NYX) to take a stake in ACE Group (ACE), announced Monday, Sept. 9. illustrates how stiff competition is pushing exchanges to innovate and diversify their offerings.By taking a minority stake in ACE's private placement platform, the NYSE is tapping a market worth $1 trillion annually that provides an alternative source of liquidity from the traditional equities market. This market is set to grow in significance as major banks, faced with tough new capital and regulatory requirements, are likely to either re-price lending or tighten their credit criteria.
The Deal: Exchanges Seek Partners for New Trading
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