NYSE to Go Public

This is the beginning of a new era. After 213 years, the New York Stock Exchange will become a for-profit publicly traded business. Today, the 1,366 exchange members are set to vote in favor of the NYSE’s deal to buy Archipelago (AX), an electronic trading company.
There’s a small, but vocal, group opposed to the deal, but they just don’t have the votes. Once passed, this deal will help the exchange compete with rivals like the Nasdaq (NDAQ), which is already publicly traded. Some of the publicly traded exchanges have done very well recently like the Chicago Mercantile Exchange (CME). The Chicago Board of Trade (BOT) also went public recently.
NYSE seatholders will get 70% of the new company, plus a cool $300,000. Sometime in January, Archipelago will change its name to NYSE Group Inc. The shares will be listed on the NYSE (surprise) under the symbol NYX.

Posted by on December 6th, 2005 at 12:07 pm


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