Electronic trading system, the Archipelago Exchange, announced on Monday evening the closing of its acquisition of the Pacific Exchange.


The ArcaEx’s parent, Archipelago Holdings Inc., bought the Pacific Exchange’s parent, PCX Holdings Inc. (and its subsidiaries the Pacific Exchange Inc. and PCX Equities Inc.) for US$90.9 million in stock and cash.

Archipelago is, in turn, in the midst of being acquired by the NYSE. The NYSE-Arca deal is expected to close later this year.

“We believe strongly in the platform and connectivity we built for and with the trading community. We look forward to offering new opportunities to our clients and investors, and to further our strategy of trading multiple securities products on the ArcaEx platform,” said Jerry Putnam, chairman and CEO of Archipelago Holdings.

“We are very pleased to reach the end of a long journey,” said Philip DeFeo, chairman and CEO of PCX Holdings and the Pacific Exchange. He will remain on the boards of both Archipelago Holdings and the Pacific Exchange

“Our alliance with Archipelago creates opportunities to better serve the interests of our customers and public investors that we could not offer on our own,” he added. “It marks the fulfillment of a strategic course charted and followed for more than six years. We are proud of the progressive initiatives launched here that brought important change to the industry, and that positioned the Exchange to become part of a truly global marketplace.”

The Archipelago-Pacific merger was approved by the Securities and Exchange Commission on September 22.