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Posts Tagged ‘New York Stock Exchange’

DECEMBER 20, 2012             8:35 AM

8:39 a.m.  Updated

The owner of the 220-year-old New York Stock Exchange on Thursday agreed to an $8.2 billion deal that would give control of the longstanding symbol of American capitalism to an upstart competitor.

NYSE Euronext said that it would sell itself to the IntercontinentalExchange for about $33.12 a share in cash and stock. The combined company would have headquarters in both ICE’s home of Atlanta and in New York.

The takeover signals the revival of consolidation in the world of market operators, after a wave of deals dissipated amid concerns over antitrust and nationalist sentiment. ICE had partnered with NYSE Euronext’s main rival, the Nasdaq OMX Group, in an $11 billion hostile bid for the Big Board’s parent, but that offer was blocked by the Justice Department.

And NYSE Euronext had sought to combine with Deutsche Börse, creating a global giant in the trading of derivatives. But that merger was stymied by European antitrust regulators.

Thursday’s deal is expected to run into fewer problems. ICE and NYSE Euronext have little overlap: the former focuses on the trading of commodities like energy products, the latter on stocks and derivatives.

Indeed, while the New York Stock Exchange, with its opening bell and floor traders, has been the public image of a stock market for two centuries, it is NYSE Euronext’s businesses in the over-the-counter trading of derivatives — including the Liffe market in London — that is the main attraction in the merger talks.

As part of the deal, ICE will consider spinning off NYSE Euronext’s European stock market operations.

Shareholders of NYSE Euronext would own about 36 percent of the combined company.

ICE’s chief executive, Jeffrey C. Sprecher, would keep that role in the newly enlarged market operator. NYSE Euronext’s chief, Duncan L. Niederauer, would be president.

Both companies relied on armies of advisers. ICE was advised by Morgan Stanley, BMO Capital Markets, Broadhaven Capital Partners, JPMorgan Chase, Lazard, Société Générale and Wells Fargo. It received legal counsel from Sullivan & Cromwell and Shearman & Sterling.

NYSE Euronext was advised by Perella Weinberg Partners, BNP Paribasthe Blackstone GroupCitigroupGoldman Sachs and Moelis & Company. It was counseled by Wachtell, Lipton, Rosen & Katz; Slaughter & May; and Stibbe N.V.

Mr. Niederauer issued a memo to NYSE Euronext employees. Here is a copy of the memo:

This morning we issued a joint press release with the Intercontinental Exchange Group (ICE) announcing the combination of our two great companies. Under the terms of this strategic transaction, ICE will acquire NYSE Euronext and bring together two highly complementary businesses, creating a strong global leader in derivatives and capital raising in the increasingly competitive global exchange space.

The agreement is a stock-cash transaction, with each share of NYX being exchanged for 0.1703 shares of ICE and $11.27 in cash, representing a value of $33.12 per share of NYX. NYX shareholders will own 36% of the combined company. The combined company will be led by Jeff Sprecher, the current Chairman and CEO of ICE, will be dually headquartered in Atlanta and New York City, and will maintain the iconic NYSE brand, building and trading floor. ICE is excited about integrating our Liffe business onto its own scalable platform for trading and clearing services. They have also been impressed with our commercial technology business and are enthusiastic about the opportunities that exist there. Given global industry and regulatory trends, ICE intends to explore an initial public offering of Euronext as a Continental European-based entity following the closing of the deal if market conditions and European policy makers support the offering.

As you have come to expect from me, I tell it like it is… In that vein let me be clear that this combination – while friendly and strategic – is an acquisition, not a merger of equals. However, this is NOT in any way an indication of weakness on our part or a sign that our strategy was not working. To the contrary, we have made tremendous progress executing against our strategy, despite an increasingly difficult macro environment. We’ve built a stronger company, with a great brand and a bright future. I am extremely proud that we created a company that can play such a leading role in the evolution of markets.

As I have said the entire time I’ve been CEO, scale is an imperative for the industry and consolidation is inevitable. I am sure many of you would agree that most companies would be afraid to try something transformational again given our experience last year, but that’s not the way we operate. This transaction delivers clear strategic benefits to our company and meaningful investment returns to our shareholders, and the combined company. We also believe it will offer exciting opportunities to many of our employees.

This combination creates one of the strongest financial exchanges in the world, with a well diversified set of businesses. We at NYSE Euronext have long admired ICE and seen them as a great strategic partner so I find it very exciting that the timing was right for both of us to join forces. We should also be excited to be combining with a company known, as we have come to be, for innovation and a great culture.

I look forward to the opportunity to work with Jeff well beyond the closing as President of the new company and CEO of the NYSE Group to ensure a smooth integration and deliver on the promise of what the envisioned company can be. We are not able to announce other management positions yet, but in addition to me, NYSE Euronext will be fairly represented on the new management team.

I recognize that this announcement creates uncertainty for many of you, and there are more questions than answers at this point. For a bit more information, you will find a Q&A document and the press release attached. I encourage you to read through these important documents. Jeff and I will host a live global town hall for employees today at 11:00 EST. As always, we will keep you updated as we have additional information to share.

In the meantime, it is extremely important that you remain focused on business as usual. Pending regulatory approvals, we expect this transaction to close in the second half of 2013. Throughout this process we ask that you and your teams continue to execute on your responsibilities and serve our customers with excellence as you always do.

Finally, let me just say thank you. This has been an unprecedented year for us – after European regulators blocked our proposed deal with DB, we did not give up or stand down but continued to execute and transform our business. I cannot adequately express how much I appreciate your focus and support.

Duncan

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Jeffrey Craig Sprecher was born on February 23rd, 1955 according to http://www.dellam.com/06180518-ICE%20FUTURES%20HOLDCO%20NO%201%20LIMITED.html

February 23rd, 1955

2 + 23 +1+9+5+5 = 45 = his life lesson = Intense.  Focused.  Common sense.

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numerology for Friday December 21st, 2012 (the “end of the Mayan calendar”) at:

http://2012numerology.wordpress.com/

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comprehensive summary and list of predictions for 2012:

http://year2012predictions.wordpress.com/

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predictions for the year 2013 are at:

http://predictionsyear2013.com/

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Tuesday July 3, 2012              12:29am IST

GlaxoSmithKline Plc agreed to plead guilty to misdemeanor criminal charges and pay $3 billion to settle what government officials on Monday described as the largest case of healthcare fraud in U.S. history.

The agreement, which still needs court approval, would resolve allegations that the British drugmaker broke U.S. laws in the marketing and development of pharmaceuticals.

GSK targeted the antidepressant Paxil to patients under age 18 when it was approved for adults only, and it pushed the drug Wellbutrin for uses it was not approved for, including weight loss and treatment of sexual dysfunction, according to an investigation led by the U.S. Justice Department.

The company went to extreme lengths to promote the drugs, such as distributing a misleading medical journal article and providing doctors with meals and spa treatments that amounted to illegal kickbacks, prosecutors said.

In a third instance, GSK failed to give the U.S. Food and Drug Administration safety data about its diabetes drug Avandia, in violation of U.S. law, prosecutors said.

The misconduct continued for years beginning in the late 1990s and continued, in the case of Avandia’s safety data, through 2007. GSK agreed to plead guilty to three misdemeanor criminal counts, one each related to the three drugs.

Guilty pleas in cases of alleged corporate misconduct are exceedingly rare, making GSK’s agreement especially unusual.

The agreement to settle the charges “is unprecedented in both size and scope,” said James Cole, the No. 2 official at the U.S. Justice Department. He called the action “historic” and “a clear warning to any company that chooses to break the law.”

The settlement includes $1 billion in criminal fines and $2 billion in civil fines.

GSK said in a statement it would pay the fines through existing cash resources. The company announced a $3 billion charge in November related to legal claims.

NEW ‘ERA’ AT GSK

Chief Executive Officer Andrew Witty said the misconduct originated “in a different era for the company” and will not be tolerated. “I want to express our regret and reiterate that we have learnt from the mistakes that were made,” he said in a written statement.

The GSK settlement surpasses what had been the largest criminal case involving a drugmaker in U.S. history. In 2009, Pfizer Inc agreed to pay $2.3 billion to settle allegations it improperly marketed 13 drugs.

The cases follow a trend of U.S. authorities cracking down on how pharmaceuticals are sold, in part because of the rising cost of providing drugs through government programs.

Part of civil fines address allegations that, from 1994 to 2003, GSK underpaid money owed to Medicaid, the healthcare program for the poor run jointly by states and the federal government. The company had an obligation to tell the government its “best prices” but failed to do so, prosecutors said, and $300 million of the settlement will go to states and other public health authorities.

A portion of the $2 billion in civil fines may go to a group of whistleblowers who contributed to the government’s investigation and who are eligible to share in the recovery under the False Claims Act. Cole said the amount has not been determined.

‘INTEGRITY’ PLAN

As part of the settlement, GlaxoSmithKline agreed to new restrictions by the U.S. government to prevent the use of kickbacks or other prohibited practices. The inspector general of the U.S. Department of Health and Human Services will oversee the “Corporate Integrity Agreement” for five years.

The company will not be able to compensate its salesmen based on sales goals for territories. It was also required to change its executive compensation program to allow the company to “claw back” certain pay for those engaged in misconduct.

Witty said GSK’s U.S. unit has “fundamentally changed our procedures for compliance, marketing and selling. When necessary, we have removed employees who have engaged in misconduct.”

Prosecutors have not brought criminal charges against any individuals in connection with the GSK case, although the settlement expressly leaves open that possibility. Cole declined to comment on the possibility of future charges.

Almost exactly a year ago GSK agreed to pay nearly $41 million to 37 states and the District of Columbia in an unrelated case about substandard manufacturing processes at a Puerto Rico factory.

In 2010, the company took a $2.4 billion charge in connection with Avandia to settle claims from patients.

GSK’s shares were positive on the New York Stock Exchange on Monday, up 1.6 percent to $46.29 at 1400 EDT.

The case is U.S. v. GlaxoSmithKline LLC, U.S. District Court for the District of Massachusetts, No. 12-cr-10206.

from:  http://in.reuters.com/article/2012/07/02/glaxo-settlement-idINL2E8I24J620120702

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Andrew Witty was born on August 22nd, 1964 according to http://en.wikipedia.org/wiki/Andrew_Witty

August 22nd, 1964

August 22nd

8 + 22 +2+0+1+1 = 34 = his personal year (from August 22nd, 2011 to August 21st, 2012) = Generating a buzz.  Things happen really quickly.  Getting people all fired up.  Lashing out in anger.

Eight of Wands Tarot card

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comprehensive summary and list of predictions for 2012:

http://predictionsyear2012.com/

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discover some of your own numerology for FREE at:

http://numerologybasics.com/

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learn numerology from numerologist to the world, Ed Peterson:

https://www.createspace.com/3411561

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Sex Numerology available at:

https://www.createspace.com/3802937

Read Full Post »

May 17, 2012         6:16 p.m.

Wall Street has one simple task as Facebook Inc. shares begin trading: Don’t mess it up.
Major stock exchanges, brokerage firms and mutual fund companies have been gearing up for one of the biggest initial public offerings on record. And, with all the hype surrounding the social-media giant, any snafus would be a major embarrassment.”
It has to go off without a hitch. There’s going to be a lot of visibility on this,” said Larry Tabb, chief executive of the TABB Group consulting and research firm. “If this goes poorly, it will not just be a poor reflection on Nasdaq — it will be a poor reflection on the U.S. market structure.”

In pricing its stock at $38 on Thursday, Facebook raised $16 billion in the third-biggest IPO in U.S. history and the largest ever by a tech company. The stock trades as FB.

The company is expected to sell an additional $2.4 billion in stock later this month, raising the total value to $18.4 billion. That would make it the second-largest U.S. IPO, trailing only the $19.65 billion raised by Visa Inc. in 2008.

The IPO values Facebook at $104 billion, by far the largest ever for a newly public company.

Facebook shares are scheduled to begin trading at 11 a.m. Eastern time, 90 minutes after the Nasdaq Stock Market opens. The late start is designed to give the stock exchange and Wall Street brokerage firms sufficient time to process what is expected to be a crush of opening-day orders.

At center stage is the Nasdaq, considered to be the world’s premier home for technology companies. The exchange has been testing various scenarios for how the stock will open, checking its systems through a dummy ticker — ZWZZT — to allow clients to practice processing their orders.

Glitches do happen. In April, when software developer Splunk Inc. went public on the Nasdaq, the price soared so high the exchange halted trading. However, trading reportedly continued elsewhere, leading to canceled trades.

The biggest blunder happened in March when BATS Global Markets, an electronic trading platform, suffered a trading debacle. A software glitch sabotaged the company’s own IPO, which sent the stock plummeting and forced it to cancel the offering altogether.

BATS has been in talks with Nasdaq about the Facebook IPO, but hasn’t participated in any of the tests. However, clients have been routing test orders of Facebook through the exchange, spokeswoman Stacie Fleming said.

Meanwhile, the New York Stock Exchange is making sure it is ready for the crush of new shares that will be dumped into the market Friday. The Big Board has dedicated a server just for Facebook trading that will be done on the NYSE Euronext Inc.’s all-electronic Arca exchange.

“We’re fully prepared,” NYSE spokesman Rich Adamonis said.

Tabb said myriad problems could arise, though he predicted high volume wouldn’t be one.

Buyers and sellers may not get access to the stock, he said, because market data feeds connecting all the exchanges could hit a snag, trading algorithms may not be properly tuned, or a server could crash.

“If there’s a problem it’ll be a technology glitch,” Tabb said.

Brokerages are getting ready to field phone calls from customers who want Facebook shares — and potentially upset clients who didn’t get as large of an IPO allotment as they wanted.

Fidelity Investments in Boston, one of the country’s largest retail brokerages, has employees on standby to deal with high customer demand, spokesman Steve Austin said.

Wall Street might spend the remaining few hours before Facebook’s public debut worrying about what might go wrong. But there’s a decidedly different atmosphere on the West Coast at Facebook’s Menlo Park headquarters.

Hundreds of employees spent Thursday in a “hackathon” — an all-night work session for programmers and engineers.

Even founder Mark Zuckerberg was expected to attend the event — until he rings the Nasdaq’s opening bell.

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Mark Zuckerberg was born on May 14th, 1984 (time of birth unknown, but perhaps 8:45 a.m.?) according to http://en.wikipedia.org/wiki/Mark_Zuckerberg

[Lilith/Venus = Eris]

 

May 14th, 1984

May 14th

5 + 14 +2+0+1+2 = 24 = his personal year = (from May 14th, 2012 to May 13th, 2013) = Giving up control.

The Queen of Wands Tarot card

24 year + 5 (May) = 29 = his personal month (from May 14th, 2012 to June 13th, 2012) = Competency.  Self-confidence.

Three of Wands Tarot card

29 year + 18 (18th of the month on Friday May 18th, 2012) = 47 = his personal day = Famous.  Internationally known.

Seven of Cups Tarot card

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comprehensive summary and list of predictions for 2012:

http://predictionsyear2012.com/

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discover some of your own numerology for FREE at:

http://numerologybasics.com/

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learn numerology from numerologist to the world, Ed Peterson:

https://www.createspace.com/3411561

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Sex Numerology available at:

https://www.createspace.com/3802937

Read Full Post »

File:Flag of the United States (Pantone).svg

The United States declared independence on July 4th, 1776 according to http://en.wikipedia.org/wiki/Usa

July 4th, 1776

7 + 4 +1+7+7+6 = 32 = the United States life lesson = what the United States is here to learn = America.  Americans.  The United States.  Freedom.  Liberty.  Independence.  Democracy.  Capitalism.

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July 4th, 1776

July 4th

7 + 4 +2+0+1+2 = 16 = the United States’ personal year (from July 4th, 2012 to July 3rd, 2013) = Shocks.  Suprises.  Unpredictable.  Unprecedented.  Expect the unexpected.  Anything can happen.

16 year + 11 (November) = 27 = the United States’ personal month (from November 4th, 2012 to December 3rd, 2012) = Uncharacteristic.  Acting out of character.

27 month + 5 (5th of the month on Monday November 5th, 2012) = 32 =  the United States’ personal day = America.  Americans.

When the United States’ life lesson number comes up, that’s when the United States gets to live/experience what the United States is here to live experience.  The United States life lesson number is 32 and November 5th, 2012 is the United States 32 day; so November 5th, 2012 is potentially significant to the United States.

27 month + 6 (6th of the month on Tuesday November 6th, 2012) = 33 = the United States’ personal day = Loyalty.  Courage.  Taking a stand.

Seven of Wands Tarot card

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File:Official portrait of Barack Obama.jpg

[Pallas/Part of Fortune = Eris]

 

Barack Obama was born on August 4th, 1961 at 7:24 p.m. in Honolulu, Hawaii according to http://www.astro.com/astro-databank/Obama%2C_Barack

August 4th, 1961

8 + 4 +1+9+6+1 = 29 = his life lesson = what he is here to learn = Competence.  Cooperation.  Teamwork.  Let’s work together.  Consulting experts.

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August 4th, 1961

August 4th

8 + 4 +2+0+1+2 = 17 = Barack Obama’s personal year (from August 4th, 2012 to August 4th, 2013) = Inspired.  Inspirational.  Optimistic.  Staying positive.

17 year + 11 (November) = 28 = his personal month (from November 4th, 2012 to December 4th, 2012) = The New York Stock Exchange.

[An institution’s life lesson number stands for itself.  The New York Stock Exchange was founded on March 8th, 1817.

March 8th, 1817

3 + 8 +1+8+1+7 = 28 = the New York Stock Exchange’s life lesson number

So Obama’s 28 month indicates that the New York Stock Exchange (which has a 28 life lesson number) is potentially significant to him between November 4th, 2012 and December 3rd, 2012.]

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File:Mitt Romney by Gage Skidmore 3.jpg

[Ceres/Vesta = Eris]

 

Mitt Romney was born on March 12th, 1947 at 9:51 a.m. in Detroit, Michigan according to http://www.astro.com/astro-databank/Romney,_Mitt

March 12th, 1947

3 + 12 +1+9+4+7 = 36 = his life lesson = Having his work cut out for him.

Ten of Wands Tarot card

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March 12th, 1947

March 12th

3 + 12 +2+0+1+2 = 20 = his personal year (from March 12th, 2012 to March 12th, 2013) = You be the judge.  Judge for yourself.

Judgement Tarot card

20 year + 10 (October) = 30 = his personal month (from October 12th, 2012 to November 12th, 2012) = Quality of life.  Fundamentally unsatisfied.  Occupy Wall Street.

Four of Wands Tarot card

30 month + 6 (6th of the month on Tuesday November 6th, 2012) = 36 = his personal day = Having his work cut out for him.

Ten of Wands Tarot card

[When his number (36 (his life lesson number)) comes up, that’s when he gets to live/experience what he is here to live/experience.  So Tuesday November 6th, 2012 is HIS day!!!]

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comprehensive summary and list of predictions for 2012:

http://predictionsyear2012.com/

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learn numerology from numerologist to the world, Ed Peterson:

https://www.createspace.com/3411561

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https://www.createspace.com/3802937

Read Full Post »