"AIG has long been a leading advocate for fairness in the capital markets. With their dual listing, they have clearly stated that competition and transparency benefit all investors," said Jerry Putnam, CEO of Archipelago. "AIG's dual listing will enable both AIG and its investors to gain the inherent advantages of electronic trading. 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. "
"AIG firmly believes in the benefits of electronic trading and our dual listing on ArcaEx is proof of our dedication to creating and supporting the best trading environments for our investors," said AIG Chairman and CEO M.R. Greenberg. "AIG shareholders should benefit from the enhanced transparency that an ArcaEx dual listing provides."
In addition to providing the advantages of fully-electronic trading, an ArcaEx listing enables NYSE- and Nasdaq-listed companies and their investors to reap the benefits of ArcaEx's investor focused market structure. ArcaEx's 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, leveling the playing field for all market participants.
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. Archipelago Holdings, Inc., the parent company of ArcaEx, announced on January 3, 2005 that the company has entered into a definitive agreement to acquire PCX Holdings, Inc., parent company of the Pacific Exchange and PCX Equities, Inc.
About ArcaEx
Archipelago Holdings (PCX: AX) operates The Archipelago Exchange(SM) (ArcaEx(R)) the first totally open all-electronic stock exchange in the United States. ArcaEx trades all Nasdaq-listed equity securities and exchange listed equity securities, including those listed on the New York Stock Exchange(R), American Stock Exchange(R), and Pacific Exchange(R). In addition to offering core execution services, ArcaEx provides corporate clients with listing services and innovative data products. In 2004, Archipelago launched ArcaVision to provide corporate and trading clients with more transparent market data, analytical tools and access to market-wide and ArcaEx specific trading information. Archipelago Holdings completed its initial public offering in August 2004. For more information please visit http://www.arcaex.com.
About AIG
American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked life insurer. AIG's global businesses also include financial services, retirement services and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement services businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.
