Nasdaq to Make Rival Bid for NYSE

Nasdaq is making a rival bid for the parent company of the New York Stock Exchange.

Joining with derivatives market IntercontinentalExchange, Nasdaq is set to make an $11.3 billion counteroffer to challenge to Deutsche Boerse, the owner of the Frankfurt stock exchange, which has said it will buy NYSE Euronext for about $10 billion.

The competition over the NYSE Euronext comes at a time when other stock exchanges are combining. In February, the London Stock Exchange and the parent company of the Toronto Stock Exchange announced a $2.9 billion merger.

With the Associated Press