After two hundred and thirteen years, the NYSE will finally join the rest of America as a capitalist--for profit--institution. On March 7th it merges with Archipelago.
Here's the Article from Bloomberg.
Through the merger it also joins forces with the Pacific Exchange, the equity options trading floor in San Francisco, an institution in desperate need of some new lifeblood. First step? Fire all of the old managers and then steam clean their offices before bringing the new leaders in.
Buying the PCX is like buying a fixer-upper, it's gonna take a litle cash and a whole lotta sweat equity to make the thing pay off.
Then again who knows if the management team of the NYSE itself is capable of running a for-profit corporation, answerable to shareholders and competing with other very aggressive exchanges? The first year will be crucial.
You boys better hit the ground running, or you may be the subject of the next takeover and house cleaning.
Capitalism is coool.