Newspaper article The Evening Standard (London, England)

NYSE Slammed over Plan for Chicago Trading System Deal

Newspaper article The Evening Standard (London, England)

NYSE Slammed over Plan for Chicago Trading System Deal

Article excerpt

Byline: BILL CONDIE

AN opponent of the New York Stock Exchange's proposed acquisition of Chicago electronic trading system Archipelago has written a stinging letter to Exchange chief John Thain, saying the deal shortchanges its members.

William Higgins, who is trying to block the deal through the courts, said the NYSE is "vastly undervalued" in the proposed deal. "The terms of the anticipated merger- are patently unfair to the Exchange and its membership," Higgins wrote.

The Exchange "is worth far more than the implied $3 billion ([pounds sterling]1.6 billion) value in the proposed transaction," he added. Higgins wants access to documents used to determine the value of the deal but has so far met a brick wall. "If these materials support your view that the transaction is fair, why are you afraid to release them?" he asked Thain.

Higgins and other NYSE members are also concerned by the amount of control the deal gives the owners of Archipelago over members of the Wall Street institution. …

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