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BUSINESS: NYSE Votes to Merge with Archipelago Holdings

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posted on Dec, 6 2005 @ 09:39 PM
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New York Stock Exchange members approved a merger with Chicago-based Archipelago Holdings today, meaning the NYSE will become a for-profit publicly traded company for the first time in its 213 year history. Current NYSE seat holders will receive more than $5 million in a mixed cash and stock deal. The transaction is expected to be completed in January. The combined company will be called NYSE Group Inc.
 



quote.bloomberg.com
Dec. 6 (Bloomberg) -- Members of the New York Stock Exchange approved the Big Board's merger with Archipelago Holdings Inc., setting the stage for the world's largest stock market to become a publicly traded company.

The vote caps a seven-month effort by Chief Executive John Thain to persuade the members that the transaction is the best way for the 213-year-old institution to compete as investors increasingly look to execute trades electronically.

By combining with Chicago-based Archipelago, the Big Board will also expand into trading of stock options and shares of companies listed on rival Nasdaq Stock Market.


Please visit the link provided for the complete story.


Apparently most other stock markets around the world are similarly for-profit entities and this deal will help the NYSE better compete globally.




posted on Dec, 7 2005 @ 10:38 AM
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It will be their downfall because now it has taken away its prestige as THE NYSE a 213 year old company with mystique.
To demoting itself into being no different than ameritrade or arca ex, i geuss only time will tell but when the deal does go through i for one will not look at it as the same organization of respect



posted on Dec, 7 2005 @ 10:58 AM
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i'm just asssuming that this will probably hurt the u.s. in the long run.................. i didn't know the nyse was short on cash....



posted on Dec, 7 2005 @ 11:00 AM
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I have been listening to the news on these new merge and is a lot of negativity about it.

But as everything that has to do with money I get they would not do it if it they were not sure that its going to work.



posted on Dec, 7 2005 @ 11:13 AM
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Years ago, anyone could go into the NYSE and get all the background info on any company - and find out exactly who owned who and what, and what subsidiaries every company owned up and down the line. Then, people were made to pay for the information, and it was priced high. Then, certain people and organizations were blacklisted from getting the info even if they paid for it.

Now, the NYSE is privately owned. Presumably by the companies whose interests it markets.

This is incredibly important information. Kind of a culmination, I'd say. Welcome the NWO?



posted on Dec, 7 2005 @ 11:23 AM
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Originally posted by soficrow
Now, the NYSE is privately owned. Presumably by the companies whose interests it markets.


It was always privately owned, but it was a nonprofit organization owned just by its members. Now it will be a publicly traded for-profit company.

[edit on 12/7/2005 by djohnsto77]



posted on Dec, 7 2005 @ 11:31 AM
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Originally posted by djohnsto77

Originally posted by soficrow
Now, the NYSE is privately owned. Presumably by the companies whose interests it markets.


It was always privately owned, but it was a nonprofit organization owned just by its members. Now it will be a publicly traded for-profit company.



Thanks dj.

I assume non-profits and for-profits have different rules and regs to follow. Do you know what the relevant changes are? With respect to accountability and transparency at least?

.



posted on Dec, 7 2005 @ 11:53 AM
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As far as its own finances, they'll probably be more accessible after the merger than before, since it'll be a public company. As far as its oversight of stock trades, I think I read that its internal monitoring and investigation group will be spun off into a separate company that will remain nonprofit.



posted on Dec, 7 2005 @ 11:56 AM
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Originally posted by djohnsto77
As far as its own finances, they'll probably be more accessible after the merger than before, since it'll be a public company.


Thanks.




As far as its oversight of stock trades, I think I read that its internal monitoring and investigation group will be spun off into a separate company that will remain nonprofit.


If so, then monitoring and investigations would presumably be independent and more ...reliable, right?



posted on Dec, 7 2005 @ 12:02 PM
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Originally posted by soficrow
If so, then monitoring and investigations would presumably be independent and more ...reliable, right?


I guess so... I know they have a huge computer system called StockWatch that sits there all day monitoring every trade looking for unusual patterns. I think that's how they usually catch insider trading. I guess they pass on all the information about suspected wrongdoing to the SEC. I'm not sure what else they really do internally now.



posted on Dec, 7 2005 @ 12:07 PM
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Originally posted by djohnsto77

I'm not sure what else they really do internally now.


Hmmm. I think the NYSE used to be responsible for monitoring acquisitions and takeovers to prevent the creation of monopolies.

Could be wrong tho.



posted on Dec, 7 2005 @ 12:10 PM
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Originally posted by soficrow
Hmmm. I think the NYSE used to be responsible for monitoring acquisitions and takeovers to prevent the creation of monopolies.

Could be wrong tho.


No, the government has always been responsible for stuff like that.



posted on Dec, 7 2005 @ 01:58 PM
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Originally posted by djohnsto77

Originally posted by soficrow
Hmmm. I think the NYSE used to be responsible for monitoring acquisitions and takeovers to prevent the creation of monopolies.

Could be wrong tho.


No, the government has always been responsible for stuff like that.


Right, that makes sense. ...But monitoring based on info provided by the NYSE, yes? Or now, that would be the independent monitoring and investigations non-profit agency who provides the info?



posted on Dec, 7 2005 @ 03:41 PM
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Originally posted by soficrow
Right, that makes sense. ...But monitoring based on info provided by the NYSE, yes? Or now, that would be the independent monitoring and investigations non-profit agency who provides the info?


Mergers and acquisitions are approved by the appropriate agencies in the government based on financial data provided by the companies to the SEC. I believe the Justice Department looks into antitrust concerns, and whatever else is involved would depend on what type of companies are planning a merger if they are governed under special regulatory laws, have a strategic or military value, etc.



posted on Dec, 8 2005 @ 03:04 PM
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Seems to me that historically it was usually interested citizens and organizations that flagged antitrust concerns...?

So now the info is not available to critics, the government is picking up the slack. ...Do you know the budget for antitrust monitoring?




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