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The Nasdaq Stock Market has agreed to buy the Philadelphia Stock Exchange for about US$650 million ($829 million), moving it into the fast-growing US options market, commentators said.
The buy will give Nasdaq about 15 per cent of the options market, even as its traditional stock-trading business, which earns lower margins, gets squeezed by fierce competition.
Nasdaq, which plans to open its own options trading market in December, edged out bigger rival NYSE Euronext and other bidders to buy PHLX in what is likely to be an all-cash transaction, the sources said.
- Reuters
