NYSE Announce Merger And Going Public
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The New York Stock Exchange has dropped a bombshell, in announcing a merger with an electronic rival exchange, de-mutualise and become a public company. Chicago-based Archipelago Holdings is the rival in question. Their electronic exchange offers institutional investors inexpensive, quick electronic transactions. They and their competitors have outperformed the NYSE and its Big Board and its relatively outdated auction system. A value was not put on the deal. The move to a public company follows that of the London Stock Exchange (LSE) and the Deutsche Borse. NYSE Chairman John Thain would be the CEO and Archipelago CEO, a co-president. The new company name would be NYSE Group Inc. NYSE seat holders (1366) of them would receive cash and stock in the new company. Archipelago shareholders would get 30%. The deal would close, subject to regulatory approval, in the first quarter of 2006.
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