TT Epaper LHS
The Telegraph
TT Mobile
 
 
IN TODAY'S PAPER
WEEKLY FEATURES
CITY NEWSLINES
FEEDS
  RSS
  My Yahoo!
SEARCH
 
Archives Web
 
ARCHIVES
Since 1st March, 1999
 
THE TELEGRAPH
 
CIMA Gallary
 
Email This Page
Big Board makes big-bang debut

New York, March 8 (Reuters): The New York Stock Exchange made its market debut on Wednesday, with shares in parent NYSE Group Inc opening at $67, which values the company at $10.6 billion.

Its predecessor stock, Archipelago Holdings Inc, which became NYSE after the exchange bought the all-electronic trading system, ended at $64.25 on Tuesday on a consolidated basis.

Having become a public company, the NYSE has ended its 213-year history as a member-owned club.

NYSE Group shares’ historic trading debut has attracted strong investor interest with other exchanges soaring after listing, but no significant “pop” is expected as the deal has been factored into Archipelago shares that have surged to $65 from about $17 when the deal was unveiled last April.

“People are acting like this is a new issue but it is going to be one-for-one so I don’t see any pop or decline in the stock ? it will just continue trading under a new symbol,” said William Power, who held a seat on the Exchange.

Shares in CBOT Holdings Inc, operator of the No. 2 US commodities exchange, surged nearly 50 per cent in a market debut last October while Chicago Mercantile Exchange Holdings Inc stock, the largest US futures exchange, rose nearly 23 per cent from their offer price in 2002.

Analysts, however, are awaiting guidance on where the exchange heads now to evaluate its growth prospects.

This landmark deal could herald in a more aggressive culture for the NYSE, which had been run as a members’ club since formation in 1792 under a tree on Wall Street, as it will now be answerable to shareholders and analysts.

Top
Email This Page