The New York Stock Exchange (NYSE) announced on Wednesday that it;s acquiring New Jersey-based National Stock Exchange Inc. (NSX), which had planned to cease trading at the end of the week.
The terms of the deal were not disclosed and the transaction is expected to close in the first quarter of 2017, subject to regulatory approvals.
As a result of the deal, the NSX will continue to operate as a licensed exchange. It had previously announced plans to cease trading on Dec. 16.
The acquisition will give the NYSE a fourth U.S. exchange licence, the firm says in a news release. In addition, the new acquisition will be distinct from the NYSE’s three existing listings exchanges.
“The NYSE will engage with NSX members, buy-side participants and retail brokerage firms before finalizing operational plans for NSX,” the firm announced.