Intercontinental Exchange announces completion of acquisition of Chicago Stock Exchange

Maria Nikolova

CHX will continue to operate as a registered national securities exchange.

Major operator of global exchanges and clearing houses and provider of data and listings services Intercontinental Exchange Inc (NYSE:ICE) has earlier today announced the finalization of the acquisition of the Chicago Stock Exchange (CHX).

No details (including the price) were disclosed about the deal, which was first unveiled in April this year. Under the terms of the deal, ICE will acquire all of the outstanding capital stock of CHX Holdings, Inc., the parent company of CHX, in the transaction. Today, ICE explained that the financial impact of the acquisition was not material to its business and that the deal will not affect its capital return plans.

As previously guided, CHX is set to continue to operate as a registered national securities exchange. Importantly, CHX is poised to benefit from the planned deployment of the NYSE Pillar trading technology in ICE’s Chicago data center. NYSE Pillar will also provide additional functionality for the institutional equity brokerage community in Chicago.

Let’s recall that NYSE Group completed the rollout of NYSE Pillar matching engines on NYSE Arca in May 2016. NYSE Pillar is the Exchange’s new integrated trading technology platform that enables connection to all of its equities and options markets using a single specification. NYSE Pillar was designed to minimize complexity, while boosting consistency, performance and resiliency. On July 24, 2017, NYSE American successfully launched a new market model on the NYSE Pillar platform. On August 21, 2017, NYSE Arca introduced new NYSE Pillar gateways, marking the harmonization of NYSE American and NYSE Arca technology platforms.

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