NEW YORK - The New York Stock Exchange will merge with Archipelago Holdings Inc., an electronic trading company, becoming a for-profit enterprise, the exchange announced Wednesday.
The not-for-profit NYSE's seat holders will receive $400 million in cash and 70 percent of the shares in the new company, while Archipelago's shareholders will retain 30 percent of the shares, NYSE Chief Executive John Thain said at a news conference.
"This is an essential step to maintaining our global competitiveness and leadership," NYSE Chief Executive John Thain said at a news conference.
The new entity, a holding company to be called NYSE Group Inc., will spin off the New York Stock Exchange's regulatory arm — recently invigorated after coming under intense criticism for failing to stem a floor-trading scandal — into a not-for-profit oversight entity.http://story.news.yahoo.com/news?tmpl=story&cid=509&ncid=749&e=1&u=/ap/20050420/ap_on_bi_ge/nyse_archipelagoIt is big, sabra...how'd they keep this a secret?
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