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NYSE, Archipelago Cleared by SEC

The new stock should start trading on March 8.

The

Securities and Exchange Commission

approved the merger of the

New York Stock Exchange

and

Archipelago Holdings

(AX)

after four months of review.

The companies said the merger will close on March 7 and shares of the new NYSE group will begin trading the following day under the ticker NYX. The deal is valued at around $7 billion.

"As a for-profit, publicly held company, the NYSE Group will be better positioned to grow, create value and compete globally," said John A. Thain, the NYSE CEO. "This will mark the beginning of a new era for the Exchange and for America's financial markets."

Shares in Archipelago were up $2.31 to $68.01.

The NYSE filed for SEC approval on November 3 and amended the document thereafter. The SEC approval was the final regulatory barrier that the company needed to clear before going public.