NYSE to Close Archipelago Deal, Go Public Next Week

[shugah]

NYSE to Close Archipelago Deal, Go Public Next Week

Feb. 28 (Bloomberg) -- The New York Stock Exchange's 213- year history as a member-owned stock market will end next week.

The world's largest stock market set March 7 as the date for completing its merger with Archipelago Holdings Inc. and forming NYSE Group Inc., a publicly traded company valued at about $10.4 billion. The deal cleared its final hurdle yesterday when the Securities and Exchange Commission granted approval.

Taking over Archipelago, an electronic market based in Chicago, will help the NYSE compete with the Nasdaq Stock Market and allow the exchange to expand into options trading. The SEC's approval marked a victory for NYSE Chief Executive Officer John Thain, who sought the combination.

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The NYSE is following Nasdaq and the Philadelphia, Chicago and Pacific stock exchanges, along with stock markets in Europe and Asia, in converting into a for-profit company from a not- for-profit. Archipelago bought the Pacific exchange last year.

``It's going to be a great change for the institution,'' said Francis Maglio, a former broker and an NYSE member since 1973. ``Now everyone that uses the exchange, every pension plan and every investor, can own a piece of the stock exchange.''

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