The New York Stock Exchange’s proposed merger with Archipelago Holdings Inc. is getting overwhelming support from its members.

The NYSE reported that more than 95% of members who cast ballots have approved the exchange’s proposed merger with Archipelago, whose shareholders also voted in favor of the transaction. More than 90% of the NYSE’s 1,366 members participated in the vote.

“This is a truly historic day for the New York Stock Exchange and an event of great importance for our future and that of our customers and America’s capital markets,” said NYSE CEO John Thain. “In approving the merger with Archipelago, our members have embraced an initiative that enables the NYSE to maintain our leadership position and to advance our goal of becoming a global multi-product marketplace. This transaction gives the NYSE a strong platform for future growth, value creation, and competitive positioning on a global basis.”

The NYSE/Archipelago merger will represent the largest-ever among securities exchanges and will combine the world’s leading cash equities market with the first totally open, fully electronic exchange. As merged enterprises, the NYSE and Archipelago will become wholly owned subsidiaries of NYSE Group Inc., a newly formed, for-profit Delaware corporation that will be a publicly traded company. The NYSE and Archipelago announced the merger on April 20. The transaction is expected to close in early 2006.

Marc Lackritz, president of the Securities Industry Association, congratulated the NYSE on the vote by its members to approve its merger with Archipelago, noting it has implications for both the business side and regulatory side of the exchange.

“This is an important step towards ensuring the NYSE remains a powerful market center with the technology, liquidity and depth necessary to compete with other market-making exchanges across the globe,” said Lackritz. “Today’s vote also represents an opportunity to reduce regulatory duplication between the NYSE and NASD, eliminating inefficiencies that consume time, energy and money and which inhibit innovation and growth.”

Yesterday, Archipelago Holdings Inc. announced that its shareholders approved the proposed merger with NYSE.

“We are pleased that our shareholders recognize the value delivered and to be delivered through our merger with the NYSE,” commented Jerry Putnam, CEO of Archipelago. “We look forward to establishing the NYSE group as the world’s premier exchange to the benefit of all investors.”