ICE to acquire New York Board of trade

IntercontinentalExchange (ICE) is to acquire the New York Board of Trade (Nybot) for $1 billion, subject to approvals, the exchanges have announced.

The merger, which is expected to close in the first half of 2007, will make Nybot a wholly-owned subsidiary of ICE, and two directors from Nybot will join the ICE board.

The deal is seen by analysts to be mutually beneficial, with Nybot products gaining access to ICE's international electronic trading platform, and ICE acquiring both Nybot's clearing

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