Eurex and ISE complete mergerhttp://www.eurexchange.com/index.htmlEurex and ISE Complete Merger: Andreas Preuss, David Krell, Re
20 Décembre 2007 - 1:00PM
Business Wire
Eurex and International Securities Exchange Holdings, Inc.
(NYSE:ISE) today announced that Eurex has completed the acquisition
of ISE, following the SEC�s approval of the merger. Effective upon
the open of the U.S. markets today, ISE common stock will be
suspended from trading on the NYSE and will be delisted shortly
thereafter. The exchange will continue to be regulated by the SEC
as a registered national securities exchange and will operate under
the existing management team as an independent subsidiary of Eurex.
Eurex CEO Andreas Preuss will join ISE�s Board of Directors. With
the addition of ISE, the world�s largest equity options exchange,
Eurex significantly expands its liquidity network into the U.S. and
into U.S. Dollar (USD) products. On a combined basis, Eurex and ISE
will be the market leader in individual equity and equity index
derivatives worldwide. Eurex and ISE members will benefit from
access to highly liquid products that span multiple asset classes
and currencies. The combination provides growth opportunities
through the cross-selling of existing products and through the
future development of innovative joint products. The first joint
initiatives will be announced in early 2008. ISE has experienced
strong volume growth this year and is on track to outperform
expectations. In November 2007, ISE�s average daily volume reached
a new record of 4.3 million options contracts. Volumes year-to-date
through November 2007 increased 35% to 741.6 million options
contracts from 548.8 million contracts in the same period last
year. Eurex acquired ISE for approximately USD 2.8 billion in cash,
or USD 67.50 per share. Eurex�s two parent companies, Deutsche
B�rse AG and SWX Swiss Exchange, provided the necessary financing
in line with the economic interests of 85 and 15 percent,
respectively, that both companies have in Eurex. The combined group
is the leading transatlantic operator of derivatives marketplaces
with powerful distribution capabilities in two of the world's most
important capital markets. Its wide range of both USD and Euro
denominated products is unique in the market: the combination is
home to the Euro zone interest rate and equity index benchmark
derivatives products and offers options on all major U.S. and
European companies. Currently, ISE and Eurex distribute their
products to approximately 560 direct exchange members. Deutsche
B�rse CEO Reto Francioni said: "We have successfully completed a
transaction which will expand Deutsche B�rse's leading position in
the fast and steadily growing global derivatives markets. The
acquisition will further fuel our strong growth prospects and
create value for our shareholders." Eurex CEO Andreas Preuss said:
�Our strategic vision is to organize markets globally. ISE has a
very strong presence in the U.S. market and the combination is a
significant step in expanding our global multi-asset class
liquidity network. ISE will maintain a high level of
self-responsibility as an independent market under the ISE brand
and management, ensuring that the entrepreneurial spirit which has
been the hallmark of ISE�s success to date will continue. Together
we will leverage our combined distribution networks, know-how and
innovation to address the specific needs of our respective
marketplaces.� ISE CEO David Krell said: �As part of Eurex, ISE
will be poised to expand its reach internationally and to deliver
the combined benefits of product innovation, technology leadership,
and trading efficiencies to our members. At the same time, we are
focused on continuing to provide the same high level of customer
service and hands-on attention to our members to meet their
specific trading needs.� ISE COO and CEO-elect Gary Katz added: �In
Eurex, we have found a partner with a strong cultural fit based on
entrepreneurialism and efficiency. Our combination will build upon
these values to lead the ongoing evolution of global exchanges.�
Peter Gomez, Chairman SWX Group and Chairman Eurex, said: �SWX
Group is extremely pleased to be opening another chapter in Eurex�s
success story along with our partner Deutsche B�rse. With the
addition of ISE, we are delighted that Eurex is now the leading
transatlantic marketplace in derivatives trading. We are also
pleased to further expand SWX Group�s international operations
while at the same time maintaining our strategic focus in our home
market through consolidating the Swiss value chain.� Eurex
Background The international derivatives exchange Eurex, which
forms part of Deutsche B�rse Group, organizes markets globally.
Eurex is home to the Euro zone interest rate and equity index
benchmark derivatives. Eurex�s portfolio of markets includes
International Securities Exchange, the world�s largest equity
options exchange. The ECNs Eurex Repo and Eurex Bonds round out
Eurex�s offering for repo and bond trading. In addition, Eurex
provides an automated and integrated clearing house, Eurex Clearing
AG. Eurex�s global liquidity network comprises more than 550 direct
exchange members in 20 countries worldwide. For more information
about Eurex, visit www.eurexchange.com. ISE Background The
International Securities Exchange operates a family of fully
electronic trading platforms, creating efficient markets through
innovative technology and market structure. ISE�s markets portfolio
consists of an options exchange and a stock exchange. As the
world�s largest equity options trading venue, ISE offers equity,
ETF, index, and FX options. The ISE Stock Exchange trades
approximately 6,000 products, and is the only fully electronic
equities platform that provides the opportunity for continuous
price improvement through the interaction of its non-displayed
liquidity pool, MidPoint Match, and its displayed stock market. ISE
Alternative Markets is scheduled to launch in 2008 and will offer
an events market trading platform for derivatives auctions. To
complement its markets and enable investors to trade smarter, ISE
creates innovative new products including a portfolio of
proprietary indexes and enhanced market data products for
sophisticated investors. ISE is a wholly owned subsidiary of Eurex,
a leading global derivatives exchange that is part of the Deutsche
B�rse Group (Ticker: DB1). Together, Eurex and ISE are the global
market leader in individual equity and equity index derivatives.
For more information about ISE, visit www.ise.com.
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