Present at the meeting Wednesday Jeffrey c

The penultimate Act of a friendly merger between the New York Board of Trade (NYBoT) and IntercontinentalExchange (ICE) played Wednesday. Tropical products New York Stock Exchange held a briefing open to all of the NYBoT 967 members in the context of the General Assembly on 11 December which will have to decide the sequence of the transaction. For it to succeed, must be that it collects two-thirds of the votes cast. A high rate which deserved well a preliminary explanation session. The direction of the NYBoT is delivered good through this exercise five days before the deadline.

Frederick w. Schoenut, President of the company to market, listed the three reasons which should convince the members of the NYBoT to accept reunification. First, the consolidation to enhance headquarters. The ICE each holder offers a wide range of solutions: all in cash ($ Exhibit 1.075 million); Exchange of shares (17.025 titles the ice per seat); the combination of these two forms on a fully flexible basis.

On 17 November, the headquarters of the NYBoT prices peaked at $ 1.4 million. Last sale date, reached on 5 December, has set the price of $ 1.3 million member. In view of the course of the action of the ICE (about 105 dollars), the regulation actions while would provide to the members of the NYBoT a bonus of nearly 400,000 dollars a seat to the sum proposed entirely in cash, the higher price of headquarters before the merger.

"Globalized environment.

The second argument for marriage is the contribution by the ICE of a strong electronic platform in addition to the auction. "We all have seen how it is important for scholarships to possess or develop the resources needed to meet the challenge of global competition on the markets of raw materials", said the President of the NYBoT.

While it has a Board of own compensation very popular by the ICE, the New York Clearing Corporation (NYCC), New York place lacking computer rating system. Finally, the new package will take a very broad spectrum of derivative products and organized private electronic market.

A crucial element because, since its inception in 1998, the consolidation between the New York Cotton Exchange (Nyce) and the Coffee, Sugar & Cocoa Exchange (CSCE), the NYBoT has not enriched the range of these contracts, which greatly limits the expansion of the liquidity from the market.

Present at the meeting Wednesday, Jeffrey c. Sprecher, founder and President of the ICE, held to reassure the members of the New York Stock Exchange. "The NYBoT membership will not limit to survive to the merger, Editor's note, but it will prosper in a globalised environment 24 hours a day and 7 days a week," he said. To familiarize the members of the NYBoT to electronics, ICE launched a broad training and technical support plan. Jeffrey c. Sprecher is clearly stated: having "two markets regulated on both sides of the Atlantic, lined two organized over-the-counter markets and with skills in compensation". In Europe, the l' ICE ICE control ICE Futures, ex-International Petroleum Exchange (IPE), bought in June 2001. The Assembly from Monday tell if these powerful arguments made fly.