洲际交易所全球兼并收购的分析和启示

Analysis and Insights of Global Mergers and Acquisitions by ICE

针对洲际交易所(ICE)兼并收购案例进行系统和详尽的分析,通过每笔交易发生的大背景以及双方的需求来理解交易所兼并浪潮的推动因素和执行效果,提出ICE对国内交易所发展四点启示:(1)联合具有市场影响力的股东在兼并收购中将具有非常大的优势;(2)联合的交易所集团更能发挥协同效用;(3)电子化交易平台优于场内喊价;(4)对应选择现金和换股收购。

This paper by the Intercontinental Exc conducts a systematic and elaborate analysis into cases of hange（ICE）.It aims to understand the driving factors and each wave of mergers and acquisitions by exchanges mergers and acquisitions implementation effects of through examination of the general background against which each transaction takes place and through examination of the demands of both sides. Four insights are gained for the development of domestic exchanges by ICE：I ）The joining of large shareholders with market influence through mergers and acquisitions leads to even greater advantages ;2 ） Conjoined exchanges and groups can produce even greater synergies; 3 ）Electronic trading outperforms open outcry;4 ）It is corresponding to choose cash selection and stock-for-stock acquisition.