NYSE Euronext to sell stake in MCX

Feb 06 2013, 01:12 IST
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SummaryGlobal exchange operator NYSE Euronext, which reported a decline of 11% in its net quarterly revenue, on Tuesday said it will sell all or part of its 5% stake in Mumbai-based commodities market MCX.

Global exchange operator NYSE Euronext, which reported a decline of 11% in its net quarterly revenue, on Tuesday said it will sell all or part of its 5% stake in Mumbai-based commodities market MCX. NYSE Euronext pledged to reduce costs further to offset slower trading as it prepares for this year's planned sale to IntercontinentalExchange (ICE). “We are focused on building momentum in our business prior to closing the deal with ICE, which we expect in the second half of this year,” NYSE Euronext chief executive Duncan Niederauer said.

The takeover of NYSE Euronext, which operates European futures exchange Liffe, by energy market ICE will create a powerful derivatives exchange and clearing house group. NYSE Euronext CFO Michael Geltzeiler said the MCX stake sale is in addition to the previously flagged unwinding of the BlueNext carbon-trading exchange, which was built in partnership with France's Caisse des Depots et Consignations. The group is moving its clearing business to ICE's in-house clearer ICE Clear as part of the $8.2 billion takeover deal announced in December.

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