U.S. regulators have approved the proposed $8 billion sale of the venerable New York Stock Exchange to a much younger futures exchange. The deal is a symbol of how financial markets are being increasingly reshaped by high technology.
The Securities and Exchange Commission disclosed Friday that it has authorized the takeover of the two-centuries-old NYSE’s parent by Atlanta-based IntercontinentalExchange, or ICE. The rival acquiring company, founded in 2000, has expanded rapidly through acquisitions over the past decade.
The SEC said in a filing that it has determined that the merger of the exchanges would comply with securities laws and regulations.