, the owner and operator of the Archipelago Exchange, agreed to sell its broker unit Wave Securities to
The sale of Wave Securities was required by the
Securities and Exchange Commission
as part of Archipelago's acquisition of the Pacific Exchange last September. Archipelago is in the process of merging with the
New York Stock Exchange
Financial terms of the Merrill deal weren't disclosed. Archipelago expects to close the transaction in the first quarter.
"Wave Securities has played an important and unique role in the evolution of Archipelago from an ECN to a full-fledged exchange," Archipelago said in a press release Monday. "With Merrill Lynch, Wave Securities will be well-positioned to serve the growing needs of its institutional clients."