ArcaEx Releases February 2005 Transaction Volume Data

ArcaEx Releases February 2005 Transaction Volume Data 


CHICAGO, March 9  /PRNewswire-FirstCall/ -- Archipelago Holdings, Inc. (PCX:AX)
today announced its February 2005 market transaction volume data for the
Archipelago Exchange (ArcaEx(R)).  Specifically, in NYSE- listed equity
securities, ArcaEx's total trading market share was 2.3% in February 2005, up
from 1.5% in February 2004 and down slightly from 2.4% in January 2005.

In AMEX-listed equity securities, ArcaEx's total trading market share was 24.8%
in February 2005, up from 18.2% in February 2004 and down from 25.5% in January
2005.  ArcaEx's ETF total monthly share volume showed continued year-over-year
growth with 1,411 (millions of shares) having traded in February 2005 compared
to 887 (millions of shares) traded in February 2004 and down from 1,632
(millions of shares) in January 2005.

In Nasdaq-listed equity securities, ArcaEx's total trading market share was
24.0% in February 2005 down from 25.9% in February 2004 and unchanged from
24.0% in January 2005.

                                        February     January      February
                                          2005         2005         2004
  Total monthly volume of
   Nasdaq-listed equity
   securities (millions
   of shares)                           37,372.3    43,788.7      36,437.4
  ArcaEx monthly volume of
   Nasdaq-listed equity
   securities (millions
   of shares) (1)                        8,986.4    10,520.0       9,452.5
  ArcaEx share of total monthly
   volume of Nasdaq-listed
   equity securities (%)(2)                 24.0%       24.0%         25.9%
  Total monthly volume of
   NYSE-listed equity securities
   (millions of shares)                 37,824.2    40,521.1      36,276.4
  ArcaEx monthly volume of
   NYSE-listed equity securities
   (millions of shares)(1)                 865.9       985.7         542.2
  ArcaEx share of total monthly
   volume of NYSE-listed equity
   securities (%)(2)                         2.3%        2.4%          1.5%
  Total monthly volume of
   AMEX-listed equity securities
   (millions of shares)                  4,570.9     4,944.8       5,837.3
  ArcaEx monthly volume of
   AMEX-listed equity securities
   (millions of shares) (1)              1,135.1     1,260.9       1,059.9
  ArcaEx share of total monthly
   volume of AMEX-listed equity
   securities (%)(2)                        24.8%       25.5%         18.2%
  ArcaEx ETF total monthly share
   volume (millions of shares)           1,411.2     1,632.0         887.6
  ArcaEx monthly customer order
   volume matched internally (%)(3)         88.2%       88.8%         85.7%
  ArcaEx monthly customer order
   volume routed out  (%)(3)                11.8%       11.2%         14.3%
  Number of trading days in period          19          20            19


  ArcaEx Most Active February 2005
                                  Symbol     Share Volume     Market Share
  Nasdaq-100 Index(R)              (QQQQ)     429,060,130         24.1%
  Intel(R)                         (INTC)     399,720,426         28.0%
  Microsoft(R)                     (MSFT)     348,813,184         25.4%
  Cisco Systems(R)                 (CSCO)     294,703,737         22.2%
  Semiconductor Holdrs(sm)          (SMH)     275,670,300         48.2%
  SPDR(R)                           (SPY)     271,094,465         26.3%
  Oracle(R)                        (ORCL)     220,259,917         29.2%
  Applied Materials(R)             (AMAT)     198,351,690         27.1%
  Sun(R) Microsystems              (SUNW)     183,906,210         26.5%
  Sirius Satellite radio           (SIRI)     144,320,524         16.1%



Additional information on ArcaEx daily, weekly and monthly trading transaction
volumes is publicly available in real time through the ArcaVision website
accessible via http://www.archipelago.com/.  Additional data and enhanced
functionality can be obtained through a free subscription to ArcaVision.
Investors and ArcaEx clients can subscribe to ArcaVision at
http://www.arca-vision.com/.

   (1) For purposes of calculating monthly transaction volume on ArcaEx, we
       include all shares that are "handled" on ArcaEx for the month.
       Handled shares include both shares that are bought and sold during
       the month within our internal liquidity pool and shares that are
       routed to external market centers for execution.

   (2) ArcaEx monthly market share is calculated based on the number of
       shares handled on the ArcaEx system during the month as a percentage
       of total monthly volume. Total monthly volume is based on the number
       of shares of equity securities traded during the month on Nasdaq,
       AMEX or the NYSE, including, if applicable, exchange-traded funds, as
       reported in the consolidated tape.  The "consolidated tape" provides
       last sale price and volume of equity securities transactions to the
       public.

   (3) In computing the percentage of monthly client order volume matched
       internally and the monthly percentage of customer order volume routed
       out, we calculate the percentage based on the volume of individual
       customer orders, not the volume of matched trades (i.e., only
       counting one side of a matched transaction). For example, we
       calculate two customer orders matched internally on our system as two
       customer orders matched internally, and we include the volume of both
       the buy order and the sell order in computing our percentages of
       monthly customer order volume matched internally and routed out. We
       calculate one customer order routed to an external market center
       (which will be matched with an order at that other market center) as
       one outbound trade or one customer order. We calculate one customer
       order routed to us from an external market center and matched with an
       order on our system as one inbound trade or one customer order.

  About Archipelago Holdings


Archipelago Holdings (PCX:AX) operates The Archipelago Exchange(R) (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.archipelago.com/.

ArcaEx's, past transaction performance is not necessarily indicative of its
future results.  Periodically, ArcaEX's transaction performance will experience
fluctuations due to unforeseen factors effecting trading activity, including
seasonality, general economic, political and market conditions, unforeseen
market closures or other disruptions in trading.  A description of the factors
that may influence ArcaEx's volume of securities transactions are identified in
Archipelago's Prospectus, dated August 12, 2004.

Certain statements in this press release may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on Archipelago's current expectations and involve
risks and uncertainties that could cause Archipelago's actual results to differ
materially from those set forth in the statements. There can be no assurance
that such expectations will prove to be correct. Factors that could cause
Archipelago's results to differ materially from current expectations include:
general economic and business conditions, industry trends, competitive
conditions, regulatory developments as well as other risks or factors
identified in Archipelago's Prospectus, dated August 12, 2004, and form 10-Q
dated November 9, 2004, each of which are filed with the Securities and
Exchange Commission, and available on Archipelago's website:
http://www.archipelago.com/.

   Archipelago Contacts:

   Margaret Nagle - Press
   312-442-7083

   Patrick Murphy - Investor Relations
   312-442-7005


DATASOURCE: Archipelago Holdings, Inc.



CONTACT:  Press, Margaret Nagle, [phone], or Investors, Patrick

Murphy, [phone], both of Archipelago Holdings



Web site:  http://www.archipelago.com/

http://www.arca-vision.com/ 

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