Polaris to Voluntarily Delist From NYSE Arca
December 5, 2006
Filed under Uncategorized
Polaris Industries Inc. plans to voluntarily withdraw its common stock from listing on NYSE Arca, Inc. (formerly known as the Archipelago Exchange, ArcaEx or Pacific Exchange). The move comes as the NYSE Group, Inc. (NYSE, Inc.) works to stretch its reach into foreign markets.
Polaris said the decision to withdraw the listing was made to eliminate duplicative administrative requirements inherent with dual listings as a result of the recent merger of NYSE, Inc. with Archipelago Holdings, a move that formed NYSE Arca, Inc.
NYSE Arca will continue trading Polaris common stock on an unlisted trading privilege basis, and Polaris' common stock will continue to trade on the New York Stock Exchange (NYSE) under symbol PII.
NYSE, Inc. currently operates two securities exchanges: the NYSE and NYSE Arca, Inc. On June 1, NYSE, Inc. and Euronext N.V. announced an agreement to combine the leading U.S. and pan-European securities trading exchanges in a merger of equals. This new group is to be named NYSE Euronext.
Speaking recently at the China-Europe International Business School, John A. Thain, CEO of NYSE, Inc., said the transaction with Euronext will allow NYSE, Inc. “to build the first truly global marketplace.”
“We're uniting the largest exchanges in the world's two leading economies, the U.S. and the EU, the two major currencies, the dollar and the Euro, and we'll span across multiple time zones and create the world's largest pool of liquidity,” Thain said.
The combined exchanges will list 80 of the world's largest companies and have a combined market value of over $28 trillion.
“Markets are aligning themselves within regions, within asset classes and globally,” Thain said. “Demutualization, diversification, consolidation are the drivers. We believe the transition to a small number of large, global players that are multi-asset class and geographically diversified will provide products and make better markets for investors, issuers and eventually the world economy.”
Thain said he foresees future deals happening with exchanges in Japan, China and India, and indicated that NYSE, Inc. will continue to seek out new deals to take advantage of the ever-changing global market: “We began, first, with the merger with Archipelago through which we became a public for-profit company … we diversified our product mix into over-the-counter stocks, options, exchange traded funds; and we're launching a new listings platform to pursue smaller, faster growing companies who don't necessarily qualify to list on the New York Stock Exchange.”
In the third quarter of 2006, on an average trading day, 2.2 billion shares valued at $80.1 billion were traded on the exchanges of the NYSE, Inc.