Broker Group Satisfied with NYSE/Arca Merger
Traders Magazine, March, 2006 by Gregory Bresiger
Sometimes there is victory in defeat. The Independent Broker Action Committee (IBAC) lost its last minute appeal to delay or block the merger between the New York Stock Exchange and Archipelago Holdings, which will form NYSE Group. However, the SEC in approving the plan, stipulated several conditions that were part of the last minute complaints made by the floor broker group.
"We really didn't want to stop it. We just wanted the SEC to consider some of our points," Warren Meyers, president of the IBAC, told Traders Magazine. "They listened to a lot of what we were talking about," he said, referring to a last-minute letter the group sent to the SEC.
IBAC, which late last year also filed a comment letter critical of the Big Board's fifth amendment to the hybrid market...
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