Archipelago and REDIBook Merge

November 29, 2001(PLANSPONSOR.com) - Archipelago and REDIBook will merge their stock trading systems in a bid to create the largest alternative stock trading network by share volume, according to a report from Reuters.

Archipelago Chief Executive Gerald Putnam will serve as CEO of the combined company, which will keep the Archipelago name.

The merge of the groups’ electronic communications networks, which match stock orders at low costs on their own networks or by sending them to other market participants to fill, positions the companies strongly against rival Instinet Group.

Terms of the deal were not disclosed. 


 

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