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Investing November 29, 2001
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.
Reported by Camilla Klein
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.