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NYSE buys the American Stock Exchange

New York Stock Exchange Euronext has announced that it is buying the American Stock Exchange (Amex) in a multi-million dollar deal. Privately-held Amex will be bought for $260 million in Euronext stock. Amex seat holders also will receive more stock in NYSE Euronext after the sale of the landmark Amex building on 86 Trinity Place.

American Stock Exchange has been struggling to compete with stronger rivals and lost a lot of business to the NYSE and the Nasdaq and announced a pre-tax net loss of $36 million for last year. The Amex, which once carried big-name stocks now trades generally smaller companies that are often too illiquid to meet the standards of bigger rivals.

The deal, approved by boards of both companies, will provide the Big Board with additional listings as well as increase its scale in U.S. options, exchange-traded funds, closed-end funds, structured products and cash equities.

It will give NYSE Euronext a second U.S. license for an option exchange and make it the No. 3 U.S. options marketplace.

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