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Wednesday May 04, 08:44
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Thain: NYSE heads to for-profit company
(by Olivia Cohen)
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The efforts of John Thain, chief executive officer of the New York Stock Exchange, to make the Big Board a for-profit company may gain fruit, some analysts think.
In February, Mr. Thain named William Higgins to a committee which was working on the shift of the NYSE to a for-profit company. ``We were sworn to secrecy. We were gathering facts. We were hashing things around,’’ said Higgins. Mr. Higgins is now president of the Association of NYSE Equity Members, a seat-holders group.
Thain on April 20 announced that he was in the process of talks to make the NYSE a for-profit, listed company by acquiring Archipelago Holdings Inc., an electronic securities market.
Under the terms of the merger, owners of the NYSE’s 1,366 seats would get 70% of NYSE Group Inc. Archipelago’s shareholders would receive 30%.
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