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Morgan lands on Archipelago
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June 10, 1999: 1:27 p.m. ET
Financial services giant to buy 20% stake in electronic communications network
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NEW YORK (CNNfn) - Financial services giant J.P. Morgan will take a 20 percent interest in Archipelago, an electronic communications network for Nasdaq stocks, Archipelago said Thursday.
Financial terms of the deal were not disclosed. Under the agreement, Morgan (JPM) will acquire an interest in Archipelago and its alternate trading system.
A portion of the Morgan investment represents an indirect 5 percent economic interest by fund manager American Century Cos. in Archipelago. Morgan bought a stake in American Century in 1997.
With this latest deal, Morgan joins Goldman Sachs (GS) and E*Trade Group (EGRP), which bought stakes in Archipelago in January.
Archipelago is one of four electronic communications networks approved in January 1997 by the U.S. Securities and Exchange Commission. ECNs now account for about 30 percent of the market activity on Nasdaq.
J.P. Morgan fell 1-7/16 to 128-7/16 in recent trading.
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J.P. Morgan
Archipelago
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