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Major brokers are readying themselves for battle over millions of dollars in swaps trading revenues this year, when the market opens up to stock exchanges.
The iconic and once fiercely independent New York Stock Exchange is being sold not because of stocks but for the promise of its derivatives business.
CNBC's Maria Bartiromo provides more details on the NYSE/ICE merger, and why no other suitors are likely to come in and break up the deal.
"We want to spring-load this company," said Jeffrey Sprecher, IntercontinentalExchange CEO, discussing the terms of the cash and stock deal between the two exchanges, with Duncan Niederauer, NYSE Euronext CEO. There's a lot of cash sitting on the sidelines, Sprecher added.
Shares of JC Penney are popping today despite a cautious note from JPMorgan on the stock, with the FMHR traders.
Some of the names on the move ahead of the open.
Leo Melamed, Chairman & CEO, Melamed & Associates says the last thing the markets would like to see in Obama's second term is more regulation.
Nov 3- As Sandy hammered the northeast United States this week killing more than 100 people, contingency plans were washed away and businesses had to improvise as the storm knocked out power to millions and stranded entire communities.
NEW YORK, Nov 1- Logistical problems caused by power failures and navigational hazards from storm Sandy continued to roil New York Harbor on Thursday, threatening widespread delays in fuel deliveries off the New York Mercantile Exchange's futures contracts.
CHICAGO, Nov 1- The big-bank dominated model for privately traded derivatives is broken and those in the futures business argue that the fix is in Chicago. The Libor revelations show that the banks have ``victimized'' buy-side firms. ``This is a transformational event.'' Going forward, ``I think the solution is going to be found in Chicago and the Chicago community.
NEW YORK, Nov 1- Huge logistical problems from power failures and navigational hazards roiled the massive New York Harbor oil hub in the wake of Hurricane Sandy on Thursday, threatening widespread delays in fuel deliveries off the New York Mercantile Exchange's futures contracts.
CHICAGO, Oct 31- The U.S. Commodity Futures Trading Commission created major confusion earlier this month when it imposed, and then suspended, a key rule governing energy derivatives, a CFTC policymaker said on Wednesday.
CHICAGO, Oct 31- One of five policymakers on the U.S. Commodity Futures Trading Commission said on Wednesday that the CFTC fell down on the job earlier this month as it imposed, and then suspended, a key rule governing energy derivatives.
*U.S. stocks higher as Wall Street reopens after 2- day closure. LONDON, Oct 31- World shares and the euro edged up on Wednesday as a storm-hit Wall Street began trading after its two-day closure and investors looked ahead to economic data later in the week.
LONDON, Oct 31- World shares and the euro edged up on Wednesday as investors braced for a storm-hit Wall Street to reopen after its two-day closure and looked ahead to economic data later in the week. Equity futures are higher, so people are expecting a positive opening,'' said Arne Lohmann Rasmussen, head of currency research at Danske Bank in Copenhagen.
NEW YORK, Oct 30- U.S. gasoline and heating oil futures slid on Tuesday, pulling back from pre-Hurricane Sandy gains as several key East Coast refineries and pipelines restored operations and traders bet on an enormous hit to demand for fuel.
NEW YORK, Oct 29- Wall Street firms were set to open with limited staffing in New York City on Tuesday as stock markets remained closed due to Hurricane Sandy's approach and many New York- based bank employees worked from home.
CHICAGO, Oct 29- CME Group Inc will maintain the nearly round-the-clock electronic grain-trading that it implemented in May despite criticism by some traders that the new format is hurting market liquidity, a top executive told Reuters on Monday. The exchange expanded the grain trading session to fend off a challenge from rival IntercontinentalExchange.
Oct 29- Hurricane Sandy will close U.S. stock markets for a second day on Tuesday, as Wall Street turned its attention to whether markets would be able to resume functioning on the month's final trading day on Wednesday. NYSE Euronext and Nasdaq OMX Group, the largest two U.S. exchange operators, said they intend to reopen Wednesday, conditions permitting.
*Equity markets execs, regulators agree to close on Tuesday. Oct 29- Hurricane Sandy will close U.S. stock markets for a second straight day on Tuesday, as Wall Street turned its attention to whether markets would be able to resume functioning on the month's final trading day.