Jeffrey Sprecher, chief executive officer of the IntercontinentalExchange, told CNBC’s “Morning Call” that his offer for the Chicago Board of Trade comes with the prospect of solid future growth.
“It’s not a consolidation play with ICE,” he said Friday. “This is a growth story. We’re going to take it into the over-the-counter bonds business and the spot gold business. We want to bring new opportunities.”
The Chicago Mercantile Exchange has offered about $8 billion for the cross-town Board of Trade. IntercontinentalExchange, an electronic futures market also known as ICE, has reportedly made an unsolicited offer valued at about $9.9 billion.
Sprecher said ICE recently acquired the New York Board of Trade and is “putting money and technology in it” to increase the company’s clearing capacity. He said ICE recently acquired the Continental Power Exchange and the International Petroleum Exchange and knows how to fold acquisitions into a coherent whole.