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Will Regulators Approve the ICE/NYSE Deal

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    CFTC Commissioner Bart Chilton on the ICE takeover of the NYSE.

  • Duration 4:25
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-- meanwhile are very and Charlie Gasparino was the very first to break this story on our network but just to recap.

The Atlanta based IntercontinentalExchange.

Which is an electronic stock exchange.

Will buy the 200 year old New York Stock Exchange and a multi billion dollar deal.

That says if it gets approved by federal regulators what would that mean for individual investors here with more CFTC commissioner Bart Chilton.

Are welcome back to the show always great to have you with us.

I'm Richard -- let's start with this idea of what this could mean for individual investors will all.

Change the experience of individual investors who were buying either individual stocks or mutual funds.

I.

Don't think for individuals Jerry.

You know that the IntercontinentalExchange.

And in the futures world done very good job of being retail customer friendly so.

I don't look for much change in that regard with regard to the New York Stock Exchange.

And do you believe that regulators will approve this deal.

Well for last week we have this thing it's called section fifteen Jerry and it's really just the anti trust issues.

That relate to that the Sherman act in the Clayton act and so I don't see a problem with that the Department of Justice may want to have a little look see -- it.

-- antitrust division looks at these things but I wouldn't anticipate any problems and I wish shut.

The IntercontinentalExchange.

All the success with this.

You don't.

We were talking about this last night with Charlie -- -- as he reported it.

And one of the interesting point he was making is -- here you have is 200 year old entity very well regarded in this country it's really seen as a symbol.

It's such a symbolic presence as the heart of capitalism.

Now being taken over by an entity that is entirely electronic.

What kind of impact might that happen.

Well two things one you know the old New York board -- trade the IntercontinentalExchange.

Took that over years ago and they kept to the floor open.

Really until about two months ago so they kept that all open a lot longer than people thought they would.

But I spoken with the executives that at the IntercontinentalExchange.

And they understand the -- iconic importance.

Of the New York Stock Exchange floor the floor experience and so while of course -- -- moving forward in technology most of the trading will be done.

Through technology.

And enhance transparency which we've talked about before we like.

But I think they understand very well -- importance of having -- floor there.

I certainly can't speak or to -- for them for how long it'll be open but I don't think it's gonna be close anytime real soon.

Do you think they will eventually those shut it down I mean look at the end of today it's really an extra layer of cost -- I I'm just talking dollars and cents here.

Well I I think that there's a lot of value that may not be seen in the end up in the balance sheets -- -- You know people that that the television is there are a lot of the time it's an experience differed from the NASDAQ experience which as you know is entirely.

Electronic self I think that they value it ultimately -- they've gotten enough to keep it open and several years we'll have to see but I know that they valued the iconic importance of the New York Stock Exchange floor.

-- like -- -- -- shares have gone up here.

They are of course a public company.

And not just said and operation of -- men and women coming together to trade stocks that they've got -- they've got to put their best foot forward and and make some profits.

He say something interesting about this deal they say without Dodd-Frank the major legislation reforming the banking industry that this deal would never happen.

Yeah I think actually you know for all of that this Arctic cat calls and -- us -- river about Dodd-Frank and there's been some.

Real reasons to do that don't get me wrong.

But ultimately I think it's gonna make our financial sector the exchanges.

As well a lot of the biggest banks and smaller banks more competitive internationally and I've seen it already.

And so -- -- it may be sort of you know an odd thing for people to think about.

But we're gonna have the most efficient effective markets in the world and I see people coming to -- all the time -- with new ideas and how they're doing things differently.

And I think this.

Purchased by the IntercontinentalExchange.

Of New York Stock Exchange is one sort of outcome of that.

Just gonna be good I think ultimately not to spurred markets not just for traders but for consumers.

And that's what we care about on the show Bart Chilton thanks for coming on tonight.

Appreciate your time have a great holiday if I don't yeah you YouTube that they care thank you well.

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