china daily 雙語新聞：洲際交易所將收購紐約證交所
The New York Stock Exchange, the cornerstone of American capitalism for 220 years, agreed to be sold as part of an $8.2 billion takeover by IntercontinentalExchange Inc.
美國資本主義220年來的基石──紐約證券交易所(New York Stock Exchange)同意以82億美元的價格將自己賣給洲際交易所公司(IntercontinentalExchange Inc., 簡稱:ICE)。
If regulators and shareholders approve, the combined company would own 14 stock and futures exchanges and five clearing operations that serve as middlemen between buyers and sellers of futures and other contracts, doing more things in more places than any other rival.
如果獲得監(jiān)管機構(gòu)和股東批準，合并后的公司將擁有14家股票、期貨交易所以及五家清算所，在期貨等合約的買家和賣家之間充當中間人角色，涉足地區(qū)和業(yè)務(wù)多于其他任何競爭對手。
The takeover also would seal the triumph of electronic trading over 'open outcry' floor trading that long dominated financial markets, as well as the push by exchanges to embrace new and lucrative kinds of trading.
這次收購還將確立電子交易對長期主導(dǎo)金融市場的“公開喊價”式大廳交易的勝利，以及交易所引入有利可圖的新交易類型的努力。
ICE, based in Atlanta and started 12 years ago as an electricity-trading market, said it would hold on to the NYSE Euronext name and the New York company's trading floor at the corner of Wall and Broad streets in Lower Manhattan. But it is too late to stop the erosion of the Big Board's clout. So far this year, the iconic trading floor has handled just 20% of all trading volume in NYSE-listed stocks, down from more than 40% in 2007, according to analysts at Sandler O'Neill + Partners LP.
ICE總部位于美國亞特蘭大，12年前以電子交易市場的身份起步。該公司說，紐約泛歐交易所集團(NYSE Euronext)的名稱以及紐約證交所在曼哈頓下城華爾街和百老匯路口的交易大廳將得以保留，但這已經(jīng)來不及阻止交易大廳影響力的下降。據(jù)Sandler O'Neill + Partners LP.的分析，這個標志性的交易大廳今年以來處理的成交量只占紐約證交所掛牌股票全部成交量的20%，低于2007年的40%。
'The trading floor is going to become like the Roman Forum,' said Wall Street historian Charles Geisst, a Manhattan College finance professor. 'It'll be a nice place to visit, but nothing much will go on there.'
華爾街歷史研究者、曼哈頓學(xué)院(Manhattan College)金融學(xué)教授蓋斯特(Charles Geisst)說，交易大廳將變得像羅馬廣場一樣，它會是一個不錯的觀光地點，但不會有多少事情可做。
The proposed takeover also comes as new regulations are changing how Wall Street trades complex derivatives tied to the value of underlying stocks, commodities and other securities.
在擬定收購方案之時，新的監(jiān)管規(guī)定也在改變?nèi)A爾街買賣與股票、大宗商品和其他證券價格掛鉤的復(fù)雜衍生品的方式。
More of that trading is moving onto exchanges. ICE's main business is energy-futures trading, and executives have long coveted NYSE's London-based Liffe, its prized U.K. futures market.
越來越多的這類交易正在遷移至交易所。ICE的主要業(yè)務(wù)是能源期貨交易，其高管長期覬覦紐約證交所備受追捧的英國期貨市場倫敦國際金融期貨交易所(Liffe)。
At the same time, fierce competition and declining volume in U.S. stock markets have squeezed profits for the New York Stock Exchange, building pressure on it to find a partner.
與此同時，激烈的競爭和美國股市成交量的下降擠壓了紐約證交所的利潤，使其尋找合作伙伴的必要性越來越大。
'The pie is shrinking, and their slice of it is shrinking,' said Justin Schack, managing director and partner of New York brokerage firm Rosenblatt Securities Inc.
紐約經(jīng)紀公司Rosenblatt Securities Inc.董事總經(jīng)理兼合伙人沙克(Justin Schack)說，蛋糕在變小，他們的份額也在變校
Shareholders of both companies greeted warmly Thursday's announcement of the deal. ICE rose 1.4%, or $1.79, to $130.10. NYSE Euronext surged 34%, or $8.20, to $32.25. The Wall Street Journal reported the acquisition talks after the close of regular trading Wednesday.
周四公布收購消息時，兩家公司的股東反響熱烈。ICE股價上漲1.79美元至130.10美元，漲幅1.4%。紐約泛歐交易所集團上漲8.20美元至32.25美元，漲幅34%。《華爾街日報》在周三常規(guī)交易收市之后報道了與收購有關(guān)的談判。
ICE and NYSE both failed to pull off separate mergers in the past year and a half. ICE tried jointly with Nasdaq OMX Group to buy NYSE for about $11 billion and split it up, and NYSE attempted to merge with Deutsche Boerse AG. Both plans were shot down by regulators.
過去一年半的時間里，ICE和紐約證交所都沒有完成各自的并購。ICE跟納斯達克-OMX集團(Nasdaq OMX Group)一道，想聯(lián)手以110億美元左右收購紐約證交所，然后將其分拆；紐約證交所想跟德意志交易所(Deutsche Boerse AG)合并。兩個方案都被監(jiān)管機構(gòu)否決。
In a telephone interview with the Journal on Thursday conducted jointly with NYSE chief Duncan Niederauer, ICE founder and Chief Executive Jeffrey Sprecher said he tried hard to scuttle the planned NYSE-Deutsche Boerse merger last year, and 'didn't know if my friendship with Duncan would survive or not.'
ICE創(chuàng)始人、首席執(zhí)行長斯普雷切(Jeffrey Sprecher)周四同紐約證交所CEO尼德奧爾(Duncan Niederauer)一起接受了《華爾街日報》的電話采訪。斯普雷切說，他去年努力讓紐約證交所同德意志交易所的合并計劃流產(chǎn)，不知道跟尼德奧爾的友誼會不會繼續(xù)維持。
Soon after, following an ICE earnings call, Mr. Niederauer shot him an email: 'Congrats,' it said. 'Good call.'
不久，在ICE開了一次業(yè)績電話會議之后，尼德奧爾向斯普雷切發(fā)來了一封電子郵件。郵件說，祝賀，會議開得很好。
'He realized it was business,' Mr. Sprecher said Thursday.
斯普雷切周四說，他認識到那是工作。
For months, the chief executives chatted on the phone, lunched together and bantered about merging their businesses. Things got serious only about eight weeks ago. Until then, 'it was more like dating,' said Mr. Sprecher.
幾個月中，兩位CEO通過電話聊天，一起吃午飯，并開玩笑地說要合并兩家公司。直到大概八個星期之前才開始認真討論合并之事。斯普雷切說，在那之前更像是在約會。
Neither ICE nor NYSE wanted the cost or distraction of another failed merger, they said Thursday.
兩人在周四說，不管是ICE還是紐約證交所，都不希望再次因為合并不成功而承受代價，分散精力。
At the same time, said the NYSE chief, 'You can't just put your head in the sand and say, 'Wow, we tried once. It didn't work.''
紐約證交所的CEO說，而且你也不能把腦袋埋在沙子里了事，說“我們試過一次，沒成”。
In September, at a meeting of the NYSE Euronext board, directors discussed strategy with NYSE management, Mr. Niederauer said. 'We should only be talking about things where there is a high certainty of closing' a deal, he recalled being said in that discussion.
尼德奧爾說，紐約泛歐交易所集團董事在今年9月召開的董事會議上與紐約證交所管理層討論了戰(zhàn)略問題。他回憶那次會議上說，我們只應(yīng)討論那些可在很大程度上確保達成交易的事宜。
The executives decided to evaluate options such as a sale, according to people with knowledge of the discussions.
了解那次會議情況的人表示，高管們決定評估出售等若干選擇。
In the final weeks ahead of the deal, Mr. Niederauer had a pragmatic view: that left as a stand-alone company, NYSE would likely begin to falter within a few years, said one person involved in the discussions. The executive's attitude was 'very much about 'control your destiny,'' this person said.
一個參與相關(guān)討論的人說，在交易達成之前的最后幾周，尼德奧爾有一種務(wù)實的看法，即如果繼續(xù)作為一家獨立的公司存在，紐約證交所可能會在幾年內(nèi)開始走下坡路。此人說，高管們的態(tài)度基本上是“把握命運”。
NYSE executives had felt for months that their assets were undervalued by the market. The sale of London Metal Exchange operator LME Holdings Ltd., announced in June, brought that sentiment into sharper focus, people with knowledge of the discussions said. Hong Kong Exchanges & Clearing Ltd. bought LME Holdings for about $2.2 billion this month, a price almost double what the sellers had initially thought it would fetch, according to one person familiar with LME's thinking.
紐約證交所高管們那幾個月的想法是，他們的資產(chǎn)被市場低估了。了解那次會議討論的人說，今年6月公布的倫敦金屬交易所(London Metal Exchange)運營商LME Holdings Ltd.的出售交易讓紐約證交所高管的這種想法更為突出。香港交易及結(jié)算所有限公司(Hong Kong Exchanges & Clearing Ltd.)本月以約22億美元的價格收購了LME Holdings。一個了解LME想法的人表示，這個收購價比賣方最初設(shè)想的價格高出近一倍。
NYSE executives believed that Liffe -- the European derivatives business that came with the Big Board's merger with Euronext in 2007 -- alone could be worth the roughly $6 billion market capitalization at that time of the entire NYSE Euronext, a person familiar with the discussions said.
了解那次會議的一個人說，紐約證交所的高管們認為，單Liffe那時可能就值約60億美元，相當于紐約泛歐交易所集團的全部市值。Liffe主營歐洲衍生品業(yè)務(wù)，2007年紐約證交所與泛歐交易所合并后形成。
Advisers for NYSE Euronext, including boutique bank Perella Weinberg Partners, studied the feasibility of combinations with other exchange operators, including a preliminary exploration with CME Group Inc., but the company quickly decided that a merger with ICE would present the least amount of risk, the people familiar those deliberations said.
投資銀行Perella Weinberg Partners等向紐約泛歐交易所集團提供咨詢的機構(gòu)也研究了該集團與其它交易所運營商合并的可行性，其中包括對與芝加哥商業(yè)交易所控股有限公司(CME Group Inc., 簡稱:CME)合并可能性的初步探索。但知情人士說，紐約泛歐交易所集團很快就決定，與ICE的合并風險最校
CME executives are expected soon to discuss the ICE-NYSE deal, and weigh options such as a possible counter bid that could, at the very least, force ICE to pay more, said one person briefed on CME's discussions.
一位了解CME討論情況的人說，預(yù)計CME高管將于近期討論ICE和紐約證交所的這樁交易，并對一些選擇進行權(quán)衡，如是否可能再提高競價等，因為這樣做至少可能會迫使ICE支付更高的價錢。
In early October, ICE and NYSE Euronext began serious, one-on-one negotiations, said people with knowledge of the talks.
知情人士說，10月初ICE和紐約泛歐交易所集團開始了嚴肅的一對一的談判。
The two CEOs, who led much of the talks, reached an agreement on the per-share price range by phone, one of the people said. The merger agreement was drawn up in New York, where NYSE is based, and Atlanta, where ICE is based.
其中一位知情人士說，領(lǐng)導(dǎo)了大部分談判的雙方CEO通過電話就每股價格區(qū)間達成了一致意見。合并協(xié)議在紐約和亞特蘭大起草，這兩個城市分別是紐約證交所和ICE的總部所在地。
About six weeks ago, Mr. Niederauer and his team drew up a timetable that culminated in a planned announcement on Dec 20th, people familiar with the matter said. He chose that date based partly on the timing of meetings with regulators in Europe and elsewhere, they added.
知情人士說，尼德奧爾和他的團隊大約六周前制定了一個時間表，打算最終于12月20日宣布有關(guān)交易的消息。這些知情人士還說，尼德奧爾選擇這一天，部分原因在于他們與歐洲等地的監(jiān)管機構(gòu)做出的會議安排。
'They both really need each other,' said Neal Wolkoff, former chairman and chief executive of the American Stock Exchange, which was bought by NYSE in 2008, who now is consultant and lawyer with Richardson & Patel LLP. 'ICE has been really successful in energy futures. Where they haven't been able to make inroads is in the interest-rates space.'
曾任美國證券交易所(American Stock Exchange)主席兼首席執(zhí)行長的沃爾科夫(Neal Wolkoff)說，他們確實需要彼此。美國證券交易所2008年被紐約證交所收購。沃爾科夫現(xiàn)為律師事務(wù)所Richardson & Patel LLP的顧問和律師。他說，ICE在能源期貨方面一直非常成功，不過它一直沒能涉足利率領(lǐng)域。
As for NYSE, the dominance of high-frequency traders, which make rapid-fire trades using complex computer programs, has forced cost-cutting and lowered exchanges' profits, while a lot of stock trading has moved off exchanges altogether.
對紐約證交所來說，高頻交易員占主導(dǎo)的局面已迫使該交易所削減了成本，降低了利潤，同時也有很多股票交易撤離了交易所。高頻交易員指那些利用復(fù)雜的計算機程序進行急速交易的人員。
Mr. Wolkoff said he expects ICE to shake up NYSE's culture by cutting costs and putting 'much less focus on appearance of business and the ritual of the floor. ICE isn't into that.'
沃爾科夫說，他認為ICE會通過削減成本和大大減少對公司外觀和交易大廳的關(guān)注來塑造紐約證交所的公司文化，ICE對這些不感興趣。
'By the time the NYSE started to catch up, it was too late,' said Georges Ugeux, a former European executive of NYSE and now a consultant in New York for Galileo Global Advisors. 'Only in the last few years has it truly become a technology company.'
紐約證交所駐歐洲前高管、現(xiàn)為伽利略國際顧問公司(Galileo Global Advisors)駐紐約咨詢師的尤蓋斯(Georges Ugeux)說，等紐約證交所開始奮起直追的時候，已經(jīng)太晚了，它也就是最近幾年才真正成為一個科技型企業(yè)。