On Wednesday, the NYSE announced that it would merge with Archipelago, an electronic quotation system, and become a publicly-held entity. NYSE members will receive stock in the new entity plus cash. Although in the works for quite awhile, NASDAQ announced today, two days later, that it would acquire Instinet for $1.9 billion.
Commentators are questioning whether the NYSE merger signals the end of the trading floor, open outcry, or the specialist system, but so far no big plans have been unveiled except an earlier plan to create a hybrid system of open outcry and electronic board. Some seat members are not as ecstatic, claiming the NYSE has sold the farm. The head of the seat holders association stated yesterday, "This is not a done deal. The members still must vote." More here.
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