NYSE, Archipelago Cleared by SEC

The new stock should start trading on March 8.
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The

Securities and Exchange Commission

approved the merger of the

New York Stock Exchange

and

Archipelago Holdings

(AX) - Get Report

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.