NYSE Euronext agreed to sell stakes in the options business it purchased last year with the American Stock Exchange to seven brokerages including Bank of America Corp. and Barclays Plc, as it seeks to revive the division.
Citadel Investment Group LLC, Goldman Sachs Group Inc., TD Ameritrade Holding Corp., Citigroup Inc. and UBS AG will also purchase stakes in NYSE Amex, the company said in a Business Wire statement today. NYSE Euronext will remain the biggest shareholder in the options exchange after the transaction, which is expected to close by the end of 2009, the company said.
Once the nation’s second-largest options exchange, NYSE Amex has lost market share for eight straight years, to 5.8 percent in 2008 from 28.6 percent in 2000, according to data compiled by Options Clearing Corp. The proportion climbed to 5.9 percent in 2009. NYSE spent $260 million to buy Amex in 2008.
In selling a stake to its biggest customers, NYSE is following a strategy pioneered by rivals such as Direct Edge Holdings LLC and Bats Global Markets, which are vying to become the U.S.’s third-largest equity exchange. In Europe, broker- owned trading systems including Turquoise and Chi-X Europe Ltd. have taken about a third of market share from traditional bourses such as London Stock Exchange Group Plc and Deutsche Boerse AG.
‘Conceding Defeat’ ...
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