Deutsche Bourse's bid for the International Securities Exchange underscores just how valuable exchanges are these days, especially derivatives exchanges. While breakingviews.com argues that Deutsche Bourse's bid of $2.8 billion is on the high side, it may nevertheless prompt a competing offer. The NYSE-Euronext and Nasdaq have both been open about their desires to expand in options. Attention is now turning to NYSE-Euronext. It has said in a filing that it's taking out a $3 billion credit facility "for general corporate purposes." That has led to talk that it wants to enter the fray for ISE. It would be a bold move. Recall that the NYSE and Deutsche Bourse previously sparred for Euronext, with the NYSE coming out on top.

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- here's the MarketWatch article