The ISE could buy some of these traditional floor markets that have decent flow, like the Amex. Or it could be bought by one of the floor-based markets, or an equity market or a futures market, with a big market cap.

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The LSE is the crown jewel of European exchanges. It's the only brand strong enough to get listing revenues from companies...The only way for someone to own U.K. stock trading is to own the LSE.

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The London Stock Exchange is a critical piece on the chess board. So you have to put a big premium on the price.

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