Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  FMR CORP
 2. Date of Event Requiring Statement (Month/Day/Year)
08/12/2004		 3. Issuer Name and Ticker or Trading Symbol
ARCHIPELAGO HOLDINGS INC [AX]
(Last)
(First)
(Middle)
82 DEVONSHIRE STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

BOSTON, MA 02109		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 2,728,340
I
By wholly owned subsidiaries. (1)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
FMR CORP
82 DEVONSHIRE STREET
BOSTON, MA 02109		     X    

Signatures

Nicholas E. Steck V.P. & Compliance Officer 04/11/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Through wholly owned subsidiary 2,728,340 shares. FMR Corp. also has indirect voting and investment power with respect to 3,163,750 shares held through a wholly owned registered investment adviser, but disclaims any pecuniary interest with respect to those shares.
 
Remarks:
FMR Corp. is a parent holding company.  Through a wholly owned subsidiary, FMR Corp. is the beneficial owner of 2,728,340 shares or 5.89% of the outstanding common stock of Archipelago Holdings Incorporated.  Fidelity Management & Research Company, another wholly owned subsidiary of FMR Corp. and an investment adviser registered under the Investment Advisers Act of 1940, is the beneficial owner of 3,163,750 or 6.83% of Archipelago Holdings Incorporated as a result of acting as investment adviser to various investment companies registered under the Investment Company Act of 1940, and to various third party accounts.  FMR Corp. disclaims any pecuniary interest in the 3,163,750 shares.  Members of the Edward C Johnson 3rd family are the predominant owners of class B shares of common stock of FMR Corp., representing approximately 49% of the voting power of FMR Corp.  Mr. Johnson owns 12.0% and Abigail Johnson owns 24.5% of the aggregate outstanding voting stock of FMR Corp.  Mr. Johnson 3rd is the Chairman of FMR Corp. and Abigail P. Johnson is a Director of FMR Corp.  The Johnson family group and all other Class B shareholders have entered into a shareholders' voting agreement under which all Class B shares will be voted in accordance with the majority vote of Class B shares.  Accordingly, through their ownership of voting common stock and the execution of the shareholders' voting agreement, members of the Johnson family may be deemed, under the Investment Company Act of 1940, to form a controlling group with respect to FMR Corp.

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