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Univ. of Toledo College of Law

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Wednesday, February 14, 2007

SEC Approves NYSE-Euronext Alliance

The SEC approved rule changes by New York Stock Exchange LLC and NYSE Arca, Inc. related to the proposed business combination between NYSE Group, Inc., the publicly-traded company that owns the New York Stock Exchange and NYSE Arca, and Euronext N.V. Euronext N.V. is a company organized under the laws of the Netherlands and is the owner of five European exchanges.

The Commission-approved rule changes will enable the businesses of NYSE Group and Euronext to be wholly-owned subsidiaries of a new publicly-traded holding company, NYSE Euronext. NYSE Group and Euronext would each be a separate subsidiary of NYSE Euronext, and their respective businesses and assets will continue to be held as they are currently held.

The business combination would be a cross-border transaction that fits within the framework the Commission has developed in connection with other transactions involving self-regulatory organizations. It would maintain the New York Stock Exchange's and NYSE Arca's ability to each meet obligations as self-regulatory organizations and continue to provide the Commission with tools necessary to effectively oversee these self-regulatory organizations.

SEC Chairman Christopher Cox said, "Our capital markets and our trading markets have long been global, but this pending combination is a sign that the trend is accelerating. The SEC and the Euronext College of Regulators, based on extensive collaboration and consultation, are well prepared to undertake the cross-border regulatory responsibilities to which this combination will give rise."

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