No story better encapsulates Europe's deep exchange rivalries than that of LIFFE and its wild pinball journey through the hands of multiple exchange giants. More below:
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In the years that followed, more European M&A added to LIFFE's ownership juggle. The NYSE bought Euronext in 2006, then ICE bought the NYSE in 2013, spun out Euronext and kept LIFFE, where it sits today. Below interview shows ICE CEO Jeff Sprecher's rationale for the deal:pic.twitter.com/p9lAybPJDc
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Takeaways: M&A comes down to WAY more than price. Politics, strategic vision and even national pride can factor into a deal that may look worse on paper. Exchanges that looked to have overpaid in the past are reaping the rewards now via strong margins and global influence.
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This week's issue of Front Month will dive into the deep history of rivalries among exchanges. Sign up here so you don't miss it:https://frontmonth.substack.com/
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