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The New York Stock Exchange’s plan to take over Archipelago Holdings Inc. and end 213 years as a member-owned stock market received final approval from the Securities and Exchange Commission.
Buying Archipelago, a Chicago-based electronic market, will enable the world’s largest stock exchange to compete better with the Nasdaq Stock Market and to expand into options trading. NYSE members will receive about $7.6 billion of cash and stock in NYSE Group Inc., the combined company.
The approval removes the last obstacle for the deal, which is expected to close in March.
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