Robert E. Wright: The NYSE’s Long History of Mergers and Rivalries
Robert E. Wright is the Nef Family Chair of Political Economy at Augustana College in South Dakota and the author of numerous books, including, with David Cowen, “Financial Founding Fathers: The Men Who Made America Rich.”
The recent announcement that Wall Street’s most iconic institution, the New York Stock Exchange, would be acquired by Atlanta-based IntercontinentalExchange Inc. (ICE) seemed weighted with symbolism.
For one thing, it represented another marker in the decline of New York City as the center of global finance. It also suggested that the world of trading and exchanges was entering a uniquely modern age of technology-driven consolidation. You may recall, for example, the mergers that the NYSE conducted with Archipelago Holdings Inc. (2006), Euronext NV (2007) and the American Stock Exchange (2008).
Since the NYSE (then called the Stock and Exchange Board) first merged with another exchange shortly after the Civil War, its history has always been characterized by competition and consolidation. It suggests that financial exchanges respond to evolving economic conditions like any other industry, and that bigger often isn’t better....
comments powered by Disqus
- Earth Is In The Early Days Of A New Mass-Extinction Event, Researchers Warn
- Without World War I, what would literature look like today?
- The Secret to Early Jewish Success: Literacy
- Egypt’s Nasser is blamed for current problems by the regime
- ‘Google must not be left to censor history’ – Wikipedia founder
- Yale's Jay Winter sums up what we should remember about WW I
- Plagiarism scandals galore … but no consequences?
- Historian who calls bull&%$@ on July 4th parade causes controversy
- This is what motivated history students in high school and middle school can do!