Atlanta-based IntercontinentalExchange, a global operator of commodities and derivatives exchanges, said Wednesday it reached “an important milestone” after a major regulatory body in Europe indicated an initial nod to ICE’s plans to acquire NYSE Euronext.
In a statement, ICE said the Chairmen’s Committee of Euronext Regulators sent the company a letter indicating the group was “not minded to object” to the proposed deal, now valued at $10.6 billion, up from $8.2 billion when the stock and cash deal was announced December 2012.
The acquisition has already received clearance from the U.S. Securities and Exchange Commission and the European Commission, but more approvals are needed.
The combined company would operate global exchanges and service transactions involving agricultural and energy commodities, credit derivatives, equities and equity derivatives, foreign exchange and interest rates. NYSE Euronext was created by the merger of the New York Stock Exchange and Euronext in 2007.
ICE is already a powerhouse when it comes to operating global markets and serving as a clearinghouse for transactions. The company reported Wednesday that its September average daily volume was 3.22 million contracts, a 3 percent decline from September 2012. Total volume for the month, however, was up 2 percent, compared with the same period a year ago.
ICE said the two companies now have to get official clearance from the Chairmen’s Committee of Euronext Regulators and approval from national authorities and regulatory bodies in each of the relevant European jurisdictions affected by the merger before ICE can complete the transaction.
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