An Atlanta-based company Thursday said it plans to buy the famous New York Stock Exchange.
IntercontinentalExchange, or “ICE,” says it will pay $8.2- billion for the NYSE.
As WABE’s Jim Burress reports, that means a new place for Atlanta in the global finance market.
(The following is a transcript of the story that aired during WABE’s 6:00 newscast.)
I’ve lived in Atlanta for a while now. And even with GPS, I still had to ask for directions. Twice. To find this place.
(Sound of GPS).
IntercontinentalExchange—best known globally as a commodities marketplace—has no towering Downtown or Midtown location. Instead, it’s tucked away in a dark grey, non-descript building near I-285 and Northside Drive.
And heed my advice—don’t drop in for an unannounced visit.
Security guard: ”Before you say anything, I have to ask you to leave”
So why Atlanta? Jeff Rosensweig is a finance professor at Emory’s Goizueta Business School.
“Atlanta is a hub of higher education. And really what we’re saying is it’s not physical location, it’s human talent.”
And he says Atlanta has a lot of that. Add in a good tech infrastructure and our place as a transportation hub, and he says it kind of makes sense.
Still, don’t expect the famed trading floor to venture south.
“It will be, as far as I can see, a dual-headquarter thing. They’re not going to close down the NYSE.”
Despite ICE’s relative drab Atlanta office space, the company plans to open a shiny new office in Midtown next year… that’s Midtown, Manhattan.
Antitrust regulators must still approve the deal.