Securities and Exchange Commission
approved the merger of the
New York Stock Exchange
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.