Intercontinental Exchange, the Atlanta-based owner of exchanges and clearing houses, is continuing to push into bond markets with the purchase of a trading venue owned by a group of investment banks. ICE, the owner of the New York Stock Exchange, said in a statement on Tuesday that it has agreed to acquire TMC Bonds, an electronic venue for trading a variety of fixed income instruments, including municipals, corporates, and treasuries, for $685m in cash. ...
Atlanta-based Intercontinental Exchange (ICE) has agreed to purchase electronic trading platform TMC Bonds in a cash deal worth $685m. The deal, which is expected to close by the end of this year, will see ICE acquire all outstanding shares and liabilities from TMC, including its subsidiary TMC-Equities LLC, for an undisclosed amount. The acquisition is the latest move by ICE, the owner of the New York Stock Exchange, to expand into bond markets, following its $400m purchase of BondPoint in January, as well as several indices from Bank of America Merrill Lynch last October.