SEC approves NYSE merger

The US Securities and Exchange Commission (SEC) has cleared the New York Stock Exchange (NYSE) merger with Archipelago next month, opening the way for its transformation into a for-profit company.

March 7 will see the NYSE merge with Archipelago, an electronic exchange, to form NYSE Group, a listed company. The exchange's regulatory functions will be split off to form a new non-profit-making company, NYSE Regulation, fully owned by the group.

In return for its approval, the SEC told the exchange to ensure that most of the NYSE Regulation directors were independent, rather than also being NYSE Group directors; it also imposed various other measures to ensure the regulators' independence from the market.

The US Justice Department, NYSE members and Archipelago shareholders all approved the deal last year. Exchange chief executive Jon Thain said the merger and transition were essential for the exchange to compete globally and offer more products.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here