The seat owners of the New York Stock Exchange voted yesterday to buy Archipelago Holdings Inc. With this deal, it will turn the Big Board into a for-profit company. The estimated $9 billion deal was approve by a staggering 95% of the members.

This deal will form a publicly traded corporation call NYSE Group Inc., with the two previous entities becoming divisions of the new company. After the deal closes in January, the new stock symbol would be traded on the NYSE as NYX.

The members of the NYSE will each receive $300,000 plus share in 70 percent of the newly form corporation.

[BBC]

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