Nasdaq’s pursuit of entering the options market effectively ended after it agreed to buy Philadelphia Stock Exchange (PHLX) for $652m in a deal that is expected to be completed early next year.The move, which came as little surprise to many market observers, ends both PHLX’s hunt for a buyer and Nasdaq’s endeavour to enter the fast-growing options market. The definitive agreement means Nasdaq will pay the Philadelphia exchange $652m in cash consideration for its capital stock. The transaction is due to close in the first quarter of 2008 and become accretive to 2009 earnings. The deal was unanimously approved by both board members and is now subject to customary approvals.Observers have said that the deal will be...