Compliance February 10, 2003
SEC Green Lights Archipelago Exchange
October 26, 2001 (PLANSPONSOR.com) - The Securities
and Exchange Commission (SEC) voted unanimously to allow
Archipelago Holdings, a new electronic stock exchange, to
function as a facility of the Pacific Exchange.
Reported by Camilla Klein
The new exchange, which is expected to undergo rigorous testing before debuting early next year, is the first fully electronic stock exchange to win approval from the SEC since the Cincinnati Stock Exchange was approved in 1976.
Archipelago will provide an electronic market that replaces the Pacific Exchange’s traditional trading floor, and will be overseen by the Pacific Exchange.
Exchange status will offer several advantages to Archipelago, including the ability to generate revenue from selling real-time market data and from listing companies on the new market.