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 Nasdaq to Buy ESpeed Platform

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Nasdaq to Buy ESpeed Platform Vide
PostSubject: Nasdaq to Buy ESpeed Platform    Nasdaq to Buy ESpeed Platform Icon_minitimeMon Apr 01, 2013 10:47 pm
Nasdaq OMX Group Inc. (NDAQ) will buy eSpeed, the electronic trading system for U.S. Treasuries, from BGC Partners Inc. (BGCP) for about $750 million in cash, giving the second-largest U.S. stock market a foothold in fixed income.

BGC shares rose 37 percent in trading after the market closed. Nasdaq will also issue about 15 million common shares over 15 years as part of the acquisition, pushing the potential value of the transaction to $1.23 billion, according to e-mailed statements by the two companies. ESpeed, founded by Cantor Fitzgerald LP in 1996, is used by banks worldwide to trade bonds and currencies.

Robert Greifeld, Nasdaq’s chief executive officer, is joining other exchange executives using takeovers to boost profit amid declines in stock trading. The operator of the biggest American stock trading venue, NYSE Euronext (NYX), agreed in December to be acquired by commodity exchange InterContinental Exchange Inc. for about $8 billion.

“The U.S. Treasury market is the most electronic of the fixed-income markets,” Greifeld said in an interview today. The market “functions in many ways, shape and form like an exchange,” he said. “As customers make their decisions, we’ll be in a strong position to fulfill their needs. We are diversifying in a measured way.”

http://www.bloomberg.com/news/2013-04-01/embargo-till-4pm-us-est.html
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