The IntercontinentalExchange laid off about 60 New York Board of Trade employees to reduce staff following the merger of the two exchanges, and no further cuts were expected, an ICE spokeswoman said today.
The battle for control of the second-largest U.S. futures exchange took its latest twist Tuesday as CBOT Holdings postponed a shareholder vote on its planned merger with Chicago Mercantile Holdings.
Chicago Mercantile Exchange executives plan to meet with Chicago Board of Trade members and shareholders Thursday, in order to nail down the announced acquisition of CBOT by CME,.
CBOT Holdings , the parent of the Chicago Board of Trade, said Monday its board has authorized the company, on the basis permitted by its merger agreement with Chicago Mercantile Exchange Holdings, to begin merger talks with IntercontinentalExchange.
IntercontinentalExchange Chairman and Chief Executive Jeffrey Sprecher expects his company's offer to buy the Chicago Board of Trade will get a "fair review." The electronic energy exchange made an unsolicited bid to acquire futures market CBOT Holdings, challenging the existing offer by Chicago Mercantile Exchange Holdings.
"Bears Win Monday Tussle; Stocks' Worst Slide in Four Years Continues" The stock market climbed back from a morning loss only to lose it in the final hour and close at its low for the day. The bears latched onto a report about the service economy as the latest piece of evidence to show that economic growth is slowing more than expected.
While market pros expect further declines, smart investors can take advantage of the market's volatility.
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The recent selloff in global equities has left investors tentative about getting back into the market-- but Tom Ognar, Wells Fargo Advantage Growth Fund Manager, thinks that two key opportunities have been created amidst the volatility.