Archipelago To Merge With NYSE

Shares in US electronic market Archipelago have rocketed 66% on news of its merger plans with the New York Stock Exchange, BBC News reported.

The NYSE is set to list its own shares, after 213 years of being mutually owned by its members.

Exchange members are expected to back the deal when they hold a meeting after the close of trading on Thursday.

The deal follows merger activity among other exchanges, notably a string of bids for the London Stock Exchange.
Archipelago's shares, which are traded on the Pacific Stock Exchange, rose 66% to $29.87 on Thursday.

The NYSE hopes the deal will improve its electronic trading systems, but it insists its famous "open outcry" trading floor will keep operating.