NYSE Members Approve Merger with Archipelago

NEW YORK -- New York Stock Exchange members on Tuesday overwhelmingly approved a landmark deal to acquire electronic-trading firm Archipelago Holdings Inc. and become a for-profit company with a publicly traded stock, The Wall Street Journal reported.

The decision by more than 95 percent of the members who voted catapults the exchange into a new era in its 213-year history.

The vote, which required a two-thirds majority of votes cast, clears the way for one of the most well known institutions in capitalism to become a public company -- and all that that entails, including shareholders from around the world who will expect it to cut costs and compete with public rivals including Nasdaq Stock Market Inc., the International Securities Exchange and European exchanges Deutsche Boerse and Euronext NV.

The members' decision was announced shortly before 5 p.m. Eastern by exchange officials.

-- NYSSCPA.org News Staff

Posted on 12/7/05