US-based electronic communications network Archipelago, and the Pacific Exchange (PCX) have finalised negotiations aimed at creating a new 'best of breed' stock market entity.
The new market, called the Archipelago Exchange, will be the equities trading arm of the PCX and will operate under its self-regulatory authority, subject to SEC approval. The parties first announced the merger agreement in March.
The new exchange will offer market participants a fully electronic mechanism for trading New York Stock Exchange (Nyse), American Stock Exchange (Amex) and Nasdaq listed stocks, bypassing traditional markets entirely.