Nasdaq OMX Group Expects to Complete PhilEx Buy

July 24, 2008 6:59:23 AM PDT
The Nasdaq OMX Group is set to increase its stake in the fast-growing options market with a major Philadelphia move. The Philadelphia Inquirer reports that Thursday is the day Nasdaq OMX expects to complete its $652 million purchase of the Philadelphia Stock Exchange.

The agreement was announced in November. Nasdaq expects to continue operating the exchange, though its employment of about 400 may be reduced.

Philadelphia is the oldest U.S. stock exchange, and has developed into the nation's third-largest options market.

Nasdaq OMX Executive Vice President Christopher Concannon tells the Inquirer that is "a business worth growing."


Information from: The Philadelphia Inquirer,