The European Commission on Monday approved Atlanta-based IntercontinentalExchange’s $8.2 billion acquisition of NYSE Euronext, but other regulatory hurdles remain.
ICE is a global operator of exchanges that match buyers and sellers who trade commodities and derivatives based on commodities on an electronic platform. NYSE Euronext is a global operator of financial markets and provider of trading technologies.
The Atlanta company said the completion of the transaction is subject to final approval from the Euronext College of Regulators, the U.S. Securities and Exchange Commission and other national financial regulators.
“We will continue to work with the relevant national regulators during the process of reviewing and completing the transaction,” ICE Chairman and CEO Jeffrey Sprecher said in a statement on the update.
The deal will give ICE control of Europe's second-largest derivatives market, called Liffe, and boost its presence in the interest rate futures business.
ICE said the EC’s approval of the deal was made without conditions, signaling the regulators were not concerned that the new company would have a competitive advantage over its European rivals.
The new company’s stock would be listed on the New York Stock Exchange under ICE’s current stock symbol, “ICE.”