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$10 Trillion US Exchange Takes a Step Toward Crypto: Nasdaq Bids for Cinnober


News wires buzzed this week when the National Association of Securities Dealers Automated Quotations (Nasdaq) announced its pending purchase of Swedish crypto-friendly stock exchange Cinnober. Nasdaq made “an USD 190m all cash recommended public offer” to the exchange, which it terms a major “financial technology provider to brokers, exchanges and clearing houses worldwide.” It could also be a significant first step for the $10 trillion Nasdaq into the world of crypto.


Nasdaq to Acquire Crypto-Friendly Swedish Stock Exchange Cinnober


Adena Friedman, President and CEO, Nasdaq explained, “The combined intellectual capital, technology competence and capabilities of Cinnober and our Market Technology business will expand the breadth and depth of our fastest growing division at Nasdaq.”


From Stockholm, Sweden this week came a public announcement Nasdaq had made a $190 million offer to gobble up Swedish crypto-friendly stock exchange Cinnober. The acquisition “would strengthen its position as one of the world’s leading market infrastructure technology providers,” Nasdaq claimed.


Statement from Cinnober Board.


“Not only have the global capital markets continued to evolve rapidly,” Ms. Friedman, 49, continued, “new marketplaces in various industries are demanding market technology infrastructure that enables rapid growth and scale as well as access to tools to promote market integrity. This acquisition will enhance our ability to serve market infrastructure operators worldwide, and will accelerate our ability to expand into new growth segments.”


Based in the New York City, USA, Nasdaq is the second largest exchange in the world by market capitalization, valued at some $10 trillion. It is nearly 50 years old, and is known as the first electronic, automated stock market. Touted as what was to come in the retail brokerage industry, Nasdaq’s emphasis on digital production meant a lowering of that critical difference between the bid and ask price of a stock. It was thought to be a model of price discovery efficiency.



Could be a Tentative First Step Toward More Cryptocurrency Interaction


Nils-Robert Persson, co-founder and Chairman of the Board of Directors of Cinnober, added, “Since co-founding Cinnober in 1998, Cinnober has been on an exciting journey and has become a leading supplier of financial technology providing services to exchanges and trading houses worldwide.”


For its part, according to the press release on the matter, Nasdaq “has offered to acquire all outstanding shares and warrants in Cinnober at a price of SEK 75 per share and SEK 85 per warrant. The transaction represents an offer value of approximately SEK 1,702m (appr. USD 190m). The Board of Directors of Cinnober has unanimously recommended that shareholders and warrant holders accept the offer. The acceptance period of the public tender offer is expected to close during the fourth quarter of 2018, subject to certain conditions customary in Swedish public tender offers (e.g. that Nasdaq becomes owner of more than 90% of the shares in Cinnober and review by relevant competition authorities).”



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