The Securities and Exchange Commission cleared the merger of the New York Stock Exchange with electronic rival Archipelago Holdings on Monday in a deal that will change the centuries-old tradition of trading on Wall Street. The world's largest stock exchange will transform itself from a member-owned nonprofit institution into a profit-making company complete with high-tech trading capabilities and answerable to its shareholders. SEC approval was the final hurdle for the $9 billion deal.
March 02, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The Securities and Exchange Commission cleared the merger of the New York Stock Exchange Inc. with electronic rival Archipelago Holdings Inc. Monday in a deal that will change the centuries-old tradition of trading on Wall Street.
The 213-year old Big Board, the world’s largest stock exchange, will transform itself from a member-owned nonprofit institution into a profit-making company complete with new, high-tech trading capabilities and answerable to its shareholders.
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