| NYSE to buy online exchange Archipelago; go public |
| Our Web Bureau / Mumbai April 21, 2005 |
| The New York Stock Exchange (NYSE), whose shouting traders and frenzied activity have become a global symbol of capitalism, announced yesterday that it would acquire Archipelago, one of the biggest electronic trading operators, to form the NYSE Group. According to a report on the website of New York Times, the exchange will merge operations with Archipelago, and the deal will give holders of the exchange's 1,366 seats $400 million in cash (each member will get $300,000) and 70% of the shares of the combined, publicly traded company. "More important, it will enable the New York Stock Exchange to expand its ability to handle trades electronically, staving off challenges from its traditional rival Nasdaq and global competitors like Euronext and Deutsche B |
