Profits rise at ICE as it awaits its takeover of exchange rival NYSE

ATLANTA-BASED InterContinental Exchange (ICE) said yesterday it expects to close its takeover of NYSE Euronext within days, and reported an eight per cent rise in third-quarter profit, helped by lower taxes and new clearing revenues.

The derivatives exchange and clearing house operator said in December it would buy the owner of the New York Stock Exchange in a deal worth $10.9bn (£6.8bn) as of 1 November.

The deal will also give ICE control of Liffe, Europe’s No. 2 derivatives market, and help it expand into the interest rate futures business.

The transaction had been expected to close on 4 November, but ICE said last week that while there were no substantive issues remaining, certain European regulators needed more time to review the takeover.

“I hope it will be literally in a matter of days,” Jeff Sprecher, ICE’s chief executive, said on a call with analysts, according to the Reuters news agency.

ICE said it earned $141.3m, or $1.92 a diluted share, in the third quarter, up from $131.1m, or $1.79 a diluted share, a year earlier. ICE was established in 2000 but has grown quickly through acquisition.

Separately, NYSE reported a 21 per cent rise in third-quarter profit, helped by higher revenues at its cash listings business.

Related articles