Nasdaq OMX and Intercontinental Exchange have warned NYSE Euronext shareholders to be sceptical of the revenue synergies NYSE claims it will achieve by merging with Deutsche Börse.
The two US electronic exchanges, which have made a counterbid for NYSE now valued at 14% more than the German offer, have begun hitting hard at NYSE, after it has rebuffed two of their approaches requesting a dialogue.
They want to split the company, with Nasdaq getting the New York Stock Exchange, its Euronext stockmarkets in Europe, and its two US options markets, while ICE would get its European and US futures markets including Liffe.
Duncan Niederauer, NYSE Euronext chief executive, said that as a result of “some pencil sharpening”,...