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More market consolidation as Nasdaq and OMX plan merger

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More market consolidation as Nasdaq and OMX plan merger

More market consolidation as Nasdaq and OMX plan merger
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The boards of Nasdaq and OMX, supported by key shareholders from both groups, have entered into a tentative agreement to combine them. The US electronic stock exchange Nasdaq would pay 2.7 billion euros for OMX which operates the markets in Stockholm, Helsinki, Copenhagen, Iceland and the Baltic states. The deal includes OMX’s computer trading technology business, which is widely used in world markets and accounts for over a third of its annual turnover.

Nasdaq was under pressure to get a deal done after its bid for the London Stock Exchange was rejected in February and as rivals push ahead with mergers. The New York Stock Exchange is joining Paris-based Euronext, while Deutsche Boerse is to buy the New York-based International Securities Exchange.