????乍看上去，設(shè)在亞特蘭大的美國(guó)洲際交易所（InterContinental Exchange）斥資82億美元收購(gòu)紐約證券交易所（NYSE）是要建立一個(gè)業(yè)務(wù)范圍寬廣的全國(guó)性交易所，從而確保華爾街在金融領(lǐng)域的主導(dǎo)地位。兩家交易所合并而成的金融交易超市可能讓交易者的生活變得更加輕松，但在投資者看來這筆交易并不怎么合理，特別是美國(guó)洲際交易所的投資者，因?yàn)樗冻隹捎^的溢價(jià)才能收購(gòu)紐約證券交易所。

????其實(shí)不然，這筆交易更多地是要對(duì)紐交所進(jìn)行分解。聽上去有些可悲，但將紐交所分而售之的價(jià)值要遠(yuǎn)遠(yuǎn)超過整體轉(zhuǎn)讓。洲際交易所很可能保留紐交所的歐洲衍生產(chǎn)品業(yè)務(wù)，即NYSE Liffe，但很可能把其他業(yè)務(wù)，包括紐交所標(biāo)志性的交易大廳，通過一系列轉(zhuǎn)讓和拆分出售給報(bào)價(jià)最高的買家。

????紐交所擺出待售姿態(tài)已經(jīng)有很長(zhǎng)一段時(shí)間了。幾乎從上任第一天起，紐交所首席執(zhí)行官鄧肯?尼德奧爾就一直在謀劃將公司出售變現(xiàn)。如果不是2008年市場(chǎng)暴跌，現(xiàn)在尼德奧爾或許就已經(jīng)敲定了這筆交易。但阻礙他的并非只有市場(chǎng)，美國(guó)政府對(duì)此也持反對(duì)意見，從某種程度上說，美國(guó)金融業(yè)也是如此。

????去年，德尼奧爾計(jì)劃把紐交所這個(gè)美國(guó)金融業(yè)的標(biāo)志性機(jī)構(gòu)轉(zhuǎn)讓給德意志交易所（Deutsche Borse）。如果如愿，合并后交易所的業(yè)務(wù)將橫跨大西洋兩岸，價(jià)值可能高達(dá)100億美元。但歐洲監(jiān)管部門將這項(xiàng)宏大計(jì)劃拒之門外，原因和交易涉及的股票交易業(yè)務(wù)無關(guān)，而是因?yàn)楹喜⒑蟮慕灰姿鶎?shí)際上將壟斷歐洲的衍生產(chǎn)品市場(chǎng)。雖然了解這一點(diǎn)的人不多，但實(shí)際上這正是問題的關(guān)鍵所在。當(dāng)時(shí)衍生產(chǎn)品交易費(fèi)用占紐交所凈收入總額的三分之一，占利潤(rùn)的40%，而此類費(fèi)用大多來自設(shè)在歐洲的Liffe衍生產(chǎn)品交易平臺(tái)。受新興交易所和暗池影響，紐交所股票業(yè)務(wù)的利潤(rùn)率逐年下降。與之不同的是，衍生產(chǎn)品業(yè)務(wù)對(duì)新興交易所尚有一定的抵御能力。實(shí)際上，Liffe在歐洲的真正對(duì)手只有歐洲期貨交易所（Eurex），而德意志交易所恰恰持有Eurex一半股權(quán)。

????合并起來的NYSE Liffe和歐洲期貨交易所（Eurex）可能會(huì)成為一座金礦，因?yàn)槎吆喜⒅髮⒒旧蠅艛鄽W洲的衍生產(chǎn)品交易和清算。敏銳地察覺到這樣的合并絕不會(huì)獲得歐洲監(jiān)管機(jī)構(gòu)批準(zhǔn)后，納斯達(dá)克證券交易所（Nasdaq）和洲際交易所聯(lián)合向紐交所提出了收購(gòu)。納斯達(dá)克的目標(biāo)是紐交所的股票交易業(yè)務(wù)，洲際交易所要的則是衍生產(chǎn)品業(yè)務(wù)。但德尼奧爾當(dāng)時(shí)一心要和德意志交易所完成這項(xiàng)精心謀劃的交易，甚至都沒有和納斯達(dá)克方面進(jìn)行接觸。

????The proposed acquisition of the New York Stock Exchange (NYSE) by the Atlanta-based InterContinental Exchange (ICE) at first blush appears to create a national exchange with broad reach, ensuring Wall Street's dominance in the financial world. But while the financial exchange supermarket that the two would create would make life easier for traders, it doesn't make much sense for investors, especially for ICE investors who will plunk down a sizable premium for the $8.2 billion acquisition.

????No, today's deal is more about running the Big Board through the chopping block. It's sad to say, but the NYSE is worth much more sliced up than it's worth as a whole. ICE is most likely going to keep the NYSE's European derivatives business, NYSE Liffe, and jettison the rest in a combination of sales and spin offs, including the iconic "floor" of the exchange, to the highest bidder.

????The NYSE (NYX) has had a "For Sale" sign on its door for a very long time. Duncan Niederauer, the chief executive of the NYSE, had been trying to cook up some sort of deal to sell the company and cash in almost since his first day on the job. If it wasn't for the market tumult of 2008, he would have probably sealed the deal by now. But it wasn't just the markets that were against him. So was Washington, and to a certain extent, Wall Street.

????His plan to sell the iconic NYSE outright to Germany's Deutsche Borse last year would have created a $10 billion transatlantic trading titan. But European regulators balked at such an ambitious deal. Not for the equity trading part of the deal, but because it would give the combined company a virtual monopoly in the European derivatives space. While that might seem like an esoteric part of the deal, it was actually the entire point of it. At the time, fees from derivatives trading comprised a third of the NYSE's total net revenue and 40% of its profits. Much of that came from its NYSE's Liffe derivatives platform based in Europe. Unlike with equities, where margins have eroded over the years due to new entrants and dark pools, derivatives still had a bit of protection from new upstarts. Indeed, Liffe's only real competition in Europe was Eurex, which was half-owned by Deutsche Borse.

????Meshing Liffe and Eurex together would have been a gold mine as it would have given the combined company almost total dominance in trading and clearing European derivatives. Keenly sensing that such a deal would never pass regulatory muster in Europe, the Nasdaq (NDAQ) and ICE (IWEB) proposed a joint takeover deal for the NYSE. The Nasdaq would get the NYSE's equity trading and listing business and ICE would get the NYSE's derivatives business. Niederauer wouldn't even talk with the American interlopers, though, hoping to seal the carefully crafted deal he had put together with Deutsche Borse.