NEW YORK, NY December 07, 2005 —The New York Stock Exchange, one of the hubs of American commerce, will become a for-profit enterprise for the first time in its 213-year history. The change comes after seat holders of the Exchange approved a merger and acquisition with company that creates computerized trading systems. WNYC'S Fred Mogul has more.

The exchange says more than 95-percent of its almost 14-hundred seat owners approved the $9 billion deal with Chicago-based Archipelago Holdings. The new company will be able to electronically trade not only stocks listed on the NYSE, but also over-the-counter stocks and those on Nasdaq.

Under the agreement, seat owners will receive more than $5 million for each seat. Most of that will be in stock, not cash. Investors are expected to benefit from lower fees and quicker transactions, as the New York Stock Exchange battles the Nasdaq for business.