Source: Archipelago
Archipelago Holdings, Inc. (PCX: AX), the owner and operator of the Archipelago Exchange (ArcaEx), today announced the company has completed the sale of Wave Securities LLC, its wholly owned introducing broker subsidiary, to Merrill Lynch, Fenner & Smith Inc. (NYSE: MER).
"For five years now, Wave Securities has provided exceptional service to the institutional community," said Jerry Putnam, CEO of Archipelago. "We were proud to have such a great team within Archipelago Holdings and wish them the best as they join Merrill Lynch."
Separately, Archipelago's sale of Archipelago Brokerage Services LLC, a wholly-owned subsidiary of Archipelago Holdings, to Order Execution Services Holdings, Inc. (OES) also closed earlier this week. The sale of both Wave Securities and Archipelago Brokerage Services by Archipelago was obligated by an order of the Securities and Exchange Commission as part of Archipelago's acquisition of the Pacific Exchange, Inc., in September 2005.