The New York Stock Exchange announced a stunning transformation this morning, a merger with Archipelago Holdings that will bring the 212-year-old exchange to the fore of electronic trading and create a for-profit, public company, NYSE Group Inc. According to NYSE CEO John Thain, the NYSE’s 1,366 members will trade their seats for 70 percent of the new company and US$400 million in cash; Archipelago shareholders will receive 30 percent of the company.
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NYSE To Go Electronic, Public in Merger
Posted by: Susan B. Shor April 21, 2005 12:23 PMThe New York Stock Exchange announced a stunning transformation this morning, a merger with Archipelago Holdings that will bring the 212-year-old exchange to the fore of electronic trading and create a for-profit, public company, NYSE Group Inc. According to NYSE CEO John Thain, the NYSE’s 1,366 members will trade their seats for 70 percent of the new company and US$400 million in cash; Archipelago shareholders will receive 30 percent of the company.