By Mark LutzThe New York Exchange is not going to win a Pulitzer Prize.
That will not stop Bloomberg from launching a major expansion of its business, which is expected to generate $5.5 billion in sales over the next five years, according to a Bloomberg report.
The NYSE is set to take in $3.7 billion from investors who are buying and selling the stock of over 2,400 mutual funds and brokerages, according Bloomberg.
Investors will also be able to invest in NYSE-listed companies, including GE, AT&T, General Electric and Microsoft.
The company, which has a market value of more than $600 billion, has a portfolio of more then 2,200 companies, more than half of which are privately held.
In addition to the stock exchange, Bloomberg also expects to increase the amount of money that can be raised by the NYSE, which will open a new headquarters at 125 Madison Ave.
in New York City.
The new building will be called “Aquarium” and will be the first of its kind in the United States.
The NYSE plans to hire 200 people.