AIG to dual-list shares on Archipelago Exchange
AIG's dual listing will enable both AIG and its investors to gain the inherent advantages of electronic trading. The Archipelago Exchange (ArcaEx) has pushed competition between marketplaces to new levels in the trade execution business, all for the good of investors. Now ArcaEx is influencing the listings business in the same way, said Jerry Putnam, CEO of Archipelago. Archipelago believes that because ArcaEx operates as an all-electronic auction market, with an open limit order book matching buyers and sellers directly based on simple price and time priority, it levels the playing field for all market participants. Archipelago Holdings, the parent company of ArcaEx, announced on January 3, 2005 that the company had entered into a definitive agreement to acquire PCX Holdings, parent company of the Pacific Exchange and PCX Equities. ArcaEx and the Pacific Exchange currently have over 200 primary and dual listings. In addition to its own listings, the exchange trades all NYSE, Nasdaq, and Amex listed stocks.