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New York Stock Exchange Sale Means More Than the Death of Wall Street


Business  (tags: ICE, InterContintenal Exchange, New York Stock Exchange, derivatives, commodities, futures, trading, global economy )

Dandelion
- 469 days ago - guardian.co.uk
You have heard that term, derivatives. Well now those derivatives have even bought the New York Stock Exchange. InterContintenalExchange, a 12-year-old upstart that specializes in commodities, futures and derivatives trading is new owner.



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Comments

Dandelion G. (386)
Thursday May 9, 2013, 9:16 am
The New York Stock Exchange, the cornerstone of American capitalism for 220 years, was sold as part of an $8.2 billion takeover by IntercontinentalExchange Inc

Founded in 2000 as a U.S. electricity trading platform backed by Wall Street banks and energy traders, ICE is the product of a string of acquisitions, from the London-based International Petroleum Exchange in 2001 through the New York Board of Trade and, most recently, a handful of smaller deals, including a climate exchange and a stake in a Brazilian clearing house.

And increasingly, that is why the NYSE's makeover is not just – as it is sure to be billed – the death of Wall Street. It is also the beginning of the death of financial involvement for Main Street.
 

JL A. (275)
Thursday May 9, 2013, 9:25 am
Shows how much the powers that be have let the world be turned upside down doesn't it?
 

Nyack Clancy (432)
Thursday May 9, 2013, 9:26 am
Good. Maybe Mayor Bloomberg will call an early retirement and take the Koch Bros with him. Don't forget the Donald. Addio!
 

Dandelion G. (386)
Thursday May 9, 2013, 10:48 am
Exerpted from link below:
http://www.atlantamagazine.com/features/2013/3/29/market-movers/print

Maybe you’ve seen Kelly Loeffler, cheering for the Atlanta Dream, the Women’s NBA team she co-owns. Or maybe you’ve seen Jeff Sprecher in the news. After all, his company with his wife Kelly as VP, just bought the New York Stock Exchange.

"It sounds preposterous," the New York Times declared. “A businessman from Atlanta blows into New York and walks off with the colonnaded high temple of American capitalism. No more will New York be the master of the New York Stock Exchange.”

A company that made its name by adopting twenty-first-century technologies will acquire an institution whose image seems positively quaint: blue-jacketed traders, ticker tape, the opening bell. Even though Sprecher, owner of ICE, says little will change initially, it’s hard not to take some civic pleasure in all this. Here is little old Atlanta, so often viewed by New York with a mix of derision and condescension, taking over the very symbol of American commerce.

Four years ago, the couple bought their first house together. But it wasn’t just any house: The 15,000-square-foot mansion in Buckhead made history as the most expensive real estate transaction ($10.5 million) ever in the city of Atlanta. Modeled in the style of an old European estate, Descante (as it’s called) is a stucco, steel, and limestone structure that boasts Versailles parquet in the dining room, a library with a secret passage to the living room, and a nineteenth-century pool house from France.

Again, we are talking about their wealth made on derivatives, wealth beyond measure going to a few. That it is this wealth that bought out Wall Street, doesn't mean it's a good thing for the majority of us. While the icon of Wall Street is a sour note to many, is this going to be better?

 

Nyack Clancy (432)
Thursday May 9, 2013, 11:03 am
Cant say if it will be better for everyone, but it will be better for NY and the white collared criminals that have accumulated here. If they need to gather up somewhere- let them gather some place else. We have had ENOUGH of them since Mayor Giuliani and 9/11. Let someone else have the pleasure!
 

Tim C. (1809)
Thursday May 9, 2013, 12:02 pm
ty
 

Christeen Anderson (474)
Thursday May 9, 2013, 3:50 pm
I am all to suspicious about this.
 

Terry V. (30)
Thursday May 9, 2013, 3:51 pm
thanks :(
 

Caitlin Mac Iver (102)
Thursday May 9, 2013, 4:40 pm
This is way beyond my understanding, but I've noted so you can spread the word to those who might have a chance of getting what it means, Dandelion. Thanks.
 

Susan Allen (221)
Thursday May 9, 2013, 4:41 pm
This is certainly not good news. Noted and shared.
 

Lydia D. (0)
Thursday May 9, 2013, 6:53 pm
No word from Motley Fool, yet. Surprising.
 

Jennifer C. (172)
Thursday May 9, 2013, 6:59 pm
Thank you.
 

Anna Undebeck (205)
Friday May 10, 2013, 6:07 am
Noted. Thank you Dandelion.
 

Micheael Kirkbym (85)
Friday May 10, 2013, 9:48 am
Pay no attention to that man behind the curtain. I'm the mighty wizard Oz. Un hunnhh?
Do i see a Rothschild's hand or a Rockefeller's hand behind it all?
It's all been a house of cards that's soon to fall and whatever power is up there it had better help us all.
 

Susanne R. (249)
Friday May 10, 2013, 11:03 am
From the article:

"The CME has proven that there is no such thing – or at least, no such successful thing – as a "stock" exchange any more. There is little money to be made as the middleman for stocks, and the CME does not trade stocks. It trades contracts that few mom-and-pop investors ever see, much less understand: options, futures, commodities contracts, various derivatives.

Where the NYSE's business is easy to grasp by anyone who's been on eBay – bid, buy, sell – the CME's business is limited to the sophisticated investor.

And increasingly, that is why the NYSE's makeover is not just – as it is sure to be billed – the death of Wall Street. It is also the beginning of the death of financial involvement for Main Street."

If it's even possible, I think things have just gotten worse for the 99%...
 

Kerrie G. (135)
Friday May 10, 2013, 11:11 am
Noted, thanks.
 

Dandelion G. (386)
Friday May 10, 2013, 12:23 pm
Yes indeed Susanne, yet do you hear any of this on the mainstream news? Any talk by our so called leaders?

This was major, but who is speaking upon it? But, this is conversation as a Country we should be having and aware of.

The whole stock exchange was sold, not solely the building, but our Exchanges, NYSE,NASDAQ,etc.

Hello! Ding ding, ring the bell. Sure ICE is going to keep things looking pretty much the same, that gives the illusion that things are the same.

Just doing my part on getting this information out to more people.


 

Mitchell D. (130)
Friday May 10, 2013, 1:53 pm
This is scary!
Thank you, Dandelion, for bringing attention to it.
 

Pat A. (117)
Saturday May 11, 2013, 12:20 am
"The CME has proven that there is no such thing – or at least, no such successful thing – as a "stock" exchange any more. There is little money to be made as the middleman for stocks, and the CME does not trade stocks. It trades contracts that few mom-and-pop investors ever see, much less understand: options, futures, commodities contracts, various derivatives.

"Where the NYSE's business is easy to grasp by anyone who's been on eBay – bid, buy, sell – the CME's business is limited to the sophisticated investor.

"And increasingly, that is why the NYSE's makeover is not just – as it is sure to be billed – the death of Wall Street. It is also the beginning of the death of financial involvement for Main Street."

More of the deals that control our lives without our knowing going on in secret..... oh Sierra Hotel India Tango!
 

Diane K. (136)
Saturday May 11, 2013, 11:53 am
This is news to me! Never heard anything about the sale. Not sure how bad consequences will really be,
but I think it's "TROUBLE" & not from "Slappin' Leather."
 

Lois Jordan (54)
Saturday May 11, 2013, 3:06 pm
Noted. Thanks, Dandelion. I read this at the time it was posted in late Dec. last year and wondered why I wasn't hearing more about it, too. I'm not sure what "the death of financial involvement for Main Street" means exactly. I have never been, or plan to be, a Wall St. investor of even a single penny. But, we have retirement funds there through the employer. So, wondering if pension funds will be leaving the gambling hall of Wall St. OR if this means "death to day traders." Seems like the quants with their high-speed supercomputers and proximity to Wall. St. cut out the day traders long ago. I recently read that the stock market took a strange but short dip when the AP had its website hacked and a message went out that the Pres. and White House were under attack a couple weeks ago. These "supercomputers" are programmed to read headlines, and automatically started dumping stock. Quite an incident!
 

Dandelion G. (386)
Saturday May 11, 2013, 4:01 pm
Technology is good in places and at times, but when techology is driving us rather than the other way around then I think we are at it's mercy. And mercy by computers can not be given.

Remember Hal?

Dave Bowman: Hello, HAL. Do you read me, HAL?

HAL: Affirmative, Dave. I read you.

Dave Bowman: Open the pod bay doors, HAL.

HAL: I'm sorry, Dave. I'm afraid I can't do that.

Dave Bowman: What's the problem?

HAL: I think you know what the problem is just as well as I do.

Dave Bowman: What are you talking about, HAL?

HAL: This mission is too important for me to allow you to jeopardize it.

Dave Bowman: I don't know what you're talking about, HAL.

HAL: I know that you and Frank were planning to disconnect me, and I'm afraid that's something I cannot allow to happen.

Dave Bowman: [feigning ignorance] Where the hell did you get that idea, HAL?

HAL: Dave, although you took very thorough precautions in the pod against my hearing you, I could see your lips move.

Dave Bowman: Alright, HAL. I'll go in through the emergency airlock.

HAL: Without your space helmet, Dave? You're going to find that rather difficult.

Dave Bowman: HAL, I won't argue with you anymore! Open the doors!

HAL: Dave, this conversation can serve no purpose anymore. Goodbye.
 

Jude Hand (59)
Saturday May 11, 2013, 4:53 pm
Noted. Well, I know a bit more now than I did before reading this and additional articles. I don't know enough, perhaps, to be afraid. It just seems very odd right now, for lack of a better term.
 
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