RENEE MONTAGNE, host: Time now for business news.  The New York Stock Exchange is about to      undergo a major transformation.  Its members have approved an historic      merger with the electronic trading firm Archipelago.  The merger will      turn the Stock Exchange from what's basically been a prestigious      membership club into a modern for-profit company.  NPR's Chris Arnold      reports.</s>CHRIS ARNOLD reporting: In 1792, a group of New York businessmen who traded stocks on the side      met under a buttonwood tree on Wall Street.  They made an agreement to      trade securities, started doing it at a local coffee house and the New      York Stock Exchange was born.  The basic membership structure of the      Exchange hasn't changed in 200 years, until now.</s>Mr. TOM CALDWELL (Caldwell Asset Management): You knew this was a moment      in history.</s>ARNOLD: Tom Caldwell is chairman of Caldwell Asset Management, which      controls 41 seats on the Exchange.  He was at a meeting yesterday with      other members who overwhelmingly approved the merger.  Many of them have      had seats on the Stock Exchange for generations.</s>Mr. TOM CALDWELL (Caldwell Asset Management): Doreen Mogavero, one of the great traders of the day, she      was kind of teary-eyed as we talked, because this was such an important      part of her life, and being a member and a seat owner on the New York      Stock Exchange, in many cases, it's who you are.  It's almost your      persona.</s>ARNOLD: But Caldwell says the Exchange has to change or be destroyed by      rapidly increasing competition from the many electronic trading networks.      Analyst say the Exchange has been losing trading volume to competitors,      such as Nasdaq, Instinet and Archipelago.  Caldwell says by merging with      Archipelago and becoming a public company, the Exchange can use its stock      to acquire other firms and attract top talents, things it will have to do      to survive and grow.</s>ARNOLD: Chris Arnold, NPR News.
Members of the New York Stock Exchange decided to merge Wednesday with the electronic trading firm Archipelago and go public. The merger will transform the stock exchange from what's basically been a prestigious membership club, into a modern for-profit company.