Pacific Exchange (PCX) has one more regulatory hurdle
to cross after receiving approval for its demutualisation from
Securities and Exchange Commission (SEC) on 17 May. The
exchange must now await approval from the California Department
of Corporations. A hearing for the PCX plan is set for 9 June,
although a ruling on its proposal may not necessarily occur at
Dale Carlson, vice president of corporate affairs at PCX,
said that once the exchange receives its state's green light it
plans to create a for-profit, shareholder-owned corporation,
PCX Holdings, which will own Pacific Exchange and its
subsidiary, PCX Equities. PCX's 542 seat owners plus the
exchange itself, which owns ten seats, will receive 1,000
shares of PCX Holdings common stock for each seat owned, as
well as a non-transferable trading right. The exchange's seat
owners voted to approve the demutualisation plan by 443 to 51
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