Archipelago Holdings Inc., owner and operator of the Archipelago Exchange (ArcaEx), the nation's first totally open, all-electronic stock exchange, today announced the certified results of its shareholder vote that approved its merger with the NYSE.
A majority of the outstanding shares of Archipelago common stock entitled to vote at today's special meeting were cast in favor of the merger agreement.
"We are pleased that our shareholders recognize the value delivered and to be delivered through our merger with the NYSE," commented Jerry Putnam, CEO of Archipelago. "We look forward to establishing the NYSE Group as the world's premier exchange to the benefit of all investors."
Separately, more than 95 percent of New York Stock Exchange (NYSE) Members who cast ballots have approved the Exchange's proposed merger with Archipelago Holdings, Inc. , whose shareholders earlier today voted in favor of the transaction.
More than 90 percent of NYSE's 1,366 Members participated in the vote. Final results of the NYSE Member referendum will be released on Wednesday, Dec. 7, following vote certification by inspector of elections IVS Associates, Inc.
"This is a truly historic day for the New York Stock Exchange and an event of great importance for our future and that of our customers and America's capital markets," said NYSE CEO John A. Thain. "In approving the merger with Archipelago, our Members have embraced an initiative that enables the NYSE to maintain our leadership position and to advance our goal of becoming a global multi-product marketplace. This transaction gives the NYSE a strong platform for future growth, value creation, and competitive positioning on a global basis."
The NYSE/Archipelago merger will represent the largest-ever among securities exchanges and will combine the world's leading cash equities market with the first totally open, fully electronic exchange. As merged enterprises, the NYSE and Archipelago will become wholly owned subsidiaries of NYSE Group Inc., a newly formed, for-profit Delaware corporation that will be a publicly traded company. The NYSE and Archipelago announced the merger on April 20, 2005. The transaction is expected to close in early 2006.