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Caldwell Securities CEO Thomas Caldwell on the impact on shareholders of ICE’s deal to buy the NYSE.
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And we've already heard from Charlie Gasparino about the deal between the long independent New York Stock Exchange and -- very young IntercontinentalExchange.
Twelve years old.
They're combining forces but what does it mean for shareholders do they like this well it's definitely not out of view -- two million shares of nice.
33%.
Right now.
Joining us now Thomas Caldwell fields a lot of the stuff.
Chairman and CEO of Caldwell securities what looks is confirmed it got about two million shares correct.
We'll -- flows that I manage de LA I have about two million shares yes our daily lives are more than that in the wheel and a lot more than that in the past is you know this.
Guess you were at one point the largest shareholder nice.
Sold -- dependent on when you bought it.
-- this final position you will probably be leading with a little bit of profit in the thing yet not not get rich profit but -- profit.
Not Ferrari profit OK so the first hear your -- or maybe a priority here expect at midnight -- I think it's I think obviously it's a positive thing for NYX shareholders and the stock has been languishing ever since the failed.
Deutsche bush Deutsche Boerse merger so it's down about.
-- 08 dollars or thereabouts but it popped out from that merger possibility.
Which I think should have been approved this still won't have the same problems as it does but the stock.
Dipped off -- -- -- their -- that's been clawing its way back 2324.
And then had this -- justice I think people are happy with that.
It's a tough business that cash equities business has been obliterated in America and and parts of the world as well but particularly in the U us.
You know we were showing the volume -- and if we can show that again but over the past year several years really.
You've seen it volatile but I'll always on a trajectory that is downward and here it is the trading volume on the declines so they have to actually do something to survive.
Argue a little winds -- for the old ice NASDAQ deal which was 42 dollars plus a share.
Verses this one which is about 3312 -- share.
Well there's I don't know the Winston is the worst.
-- regrettable entering.
Or whatever with and I'm grateful no matter what's going on but as you know the cash equities businesses regulation -- mess that the SEC brought in.
Introduced hyper competition when it it fragmented the market.
Pulled -- lime squeeze margins and frankly investors are investing last.
In cash equities anymore there's been so much in the -- of scandals and regulatory overkill but people just kind of walked away they're they're looking at real estate so.
They they in New York has had to cope with the diminishing pie and went when we first -- -- -- New York -- about 80% of the volumes and cash equities announced twenty.
A -- way way smaller -- so they have to merge.
Continue these things.
All exchanges and that and that is to bring their costs down to once you lay off all your own people the governor to some bill unveiled some of their people or so that's what this is about although.
Ice does get this London international financial futures that's the -- here in the end.
In the Euronext by and that the getting rid of -- -- which I think is.
Probably pretty good I spinning it off but that's as we finish out let me just get your macro picture really quickly are you heavy on equities going into 2013.
Well I'm an incurable optimist.
And as as far as you know it -- a beautiful being being a foreigner looking -- and you're quite right don't blame at all in the Canadians.
You know you look at some of the turmoil going on in America.
And I always take solace in Winston Churchill's famous lines America will eventually do the right thing after exhausting all the other possibilities.
You'll get a you'll get -- right down there.
Happy holidays Thomas it's great to see you name same deal good -- saudis thank you so much for getting and its airports Thomas Caldwell as two million shares of nice.
He's in the money today out we'll be right back.
