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Gasparino: NYSE Euronext Being Taken Over By ICE

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  • Description

    FBN's Charlie Gasparino on ICE taking over the NYSE Euronext.

  • Duration 5:30
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Asked bash will it last night -- -- talk more about that later to bring Charlie Gasparino in now to talk about.

The big deal in the world of exchanges he broke a lot of this story Charlie before it came out but now that we have -- official what do you make of it.

Are well I think you know it wouldn't back to -- -- the -- at New -- -- You know what you.

Think about the New York Stock Exchange it'd -- epicenter of finding it in the in the world and right now via the that are fighting it did.

Being taken over by a computer is -- -- it.

I mean that he's essentially what's going on here.

Ice is is eight electronic.

-- -- exchange.

Located in Atlanta it was -- I believe it's 2000.

-- major restructure who -- DOD -- -- is confident they'll change.

It's.

Those guys stayed behind the scene you don't know much about it because you know it doesn't work very quietly -- -- so oddity.

And you know teachers -- direct feature certainly got these so I -- our job but -- -- -- you know you actually.

Well we talked a little late aren't -- Or this morning.

That state.

Given the way to world has worked.

The New York Stock Exchange market -- five billion.

Well would I he's confident changed because -- -- -- to the market.

Nine billion.

That group you know let -- computer to let that they -- over the iconic images New York.

There -- no two ways about it that's going on here.

I -- -- teacher floor trading.

Restrict future floor trading from here since the death ILI I don't on the floor.

You know it.

It's iconic because we have -- -- But that's it is not iconic -- But -- portrait as they.

They do a decent living I think this phobia local -- traders it is it is -- -- little boy but directly that.

But I get down it say that this is this is about technology and this is about.

You know growing -- business.

And it it.

-- about Belmont but certainly.

The fact of the matter is this thing that we know so well now.

We're pleased to be 5000 people on the floor -- less -- out of is being taken over by computer.

If he can't.

I mean he can't really explain it any -- -- what we did at the -- is that first we were very good -- is.

We sort distort what it would -- -- the initial reports -- -- sort of merger.

This is not emerge we don't it's gonna have some -- But do what they -- -- about it checkers -- But he notes.

Despite I will be used the our company.

And it created it I expectancy there's what what our property figures that they betrayed futures commodities really editors.

-- -- this but trying to change the sky is going to be running the show and I you know I I think -- -- -- a little bit part transition.

But you know he's done it.

I was but he's been -- -- this -- different.

Are we should put up for shareholders of the your -- -- -- deal.

-- they sold out of a bigger player yes.

But you know what they've basically.

Its terms of spending what these changes they do the real world.

Is not in the trading spot the you know average investors out of this market.

The audience with.

It remarkable that you don't like it.

-- to get go one of our site so desperately needed some other business is not a lot of greeting order flow.

That they're doing so you know this is very good so that your strategy they're going to be Nazi leader of the average -- As these Mercer company that's one of the leaders is that matching buyers and -- of commodities and futures.

Come in from a competitive standpoint you look at all the exchange -- -- public subsidies was -- -- -- -- yet has -- puts a lot of pressure on the group.

Now Terry deputy who think that yes the responded -- -- She now.

These -- major disadvantage.

We should also point out that this deal is not -- what what do -- -- -- -- -- yes they -- period you know spirit edged -- reportedly hit by.

But maybe we're disparate group and regulators have been I think so -- -- it out of the stock exchange which are part of the which forced.

As they try to which which I had -- trip try to do hostile takeover but you know start -- so.

You know there's got to be regulatory approval but I think they're gonna get this the reason why.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I think you know this is one of these sort of perfect fit to take a couple things that.

And is it just you know I'll feeling old.

And the computers taking over.

You know I get -- it really is I mean.

You know this -- -- I have to say there's a hint of remorse -- your reporting today I you know what we did -- you guys duration if Dick Grasso.

-- we have to leave it there but we'll see throughout the afternoon Charlie -- -- thanks -- and so.

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