Greifeld promised shareholders far bigger cost savings than in the German deal, but he did not say how severe the job losses would be. He said Nasdaq would keep the NYSE floor -- the icon of capitalism that was created in 1792 by brokers and merchants who met under a buttonwood tree in lower Manhattan .
Upstart trading venues like BATS have eaten deep into the market share of these traditional venues, forcing them in the last decade to upgrade and embrace electronic trading -- and to look to mergers to survive.
Nasdaq, the smallest of the four exchanges in play, needed to do something to stay relevant in the years ahead, some said. If it and ICE succeed, the world's largest bourse operators would be headquartered in the United States, Brazil, and Asia -- leaving Europe with a bruised Deutsche Boerse.
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