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NYSE, Archipelago to Merge

Stock quotes in this article: AX , INGP , NDAQ , RTRSY  

In a concession to the rapidly modernizing world of stock trading, the New York Stock Exchange announced plans Wednesday to merge with electronic competitor Archipelago(AX Quote), ending the NYSE's 212-year history as a private institution.

The two exchanges will form a publicly traded company that is 70% owned by the Big Board and 30% owned by Archipelago, the electronic exchange that was founded nine years ago and currently operates the ArcaEx trading network.

A Wall Street analyst says the new company, which will be called NYSE Group, will have a market value of $3.05 billion, based on those terms. ...

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