Exchanges heading toward an initial public offering are
coming under more scrutiny from Securities and Exchange
Commission (SEC) regarding ownership stakes, an issue which may
slow or change upcoming public listings by exchanges.
SEC officials said they are considering passing rules that
would restrict ownership of an exchange to persons or firms
that fall under the regulator's jurisdiction. Foreign companies
and conceivably individuals would be limited in
ownership, which would allow SEC to hold full regulatory
control over the exchange. With International Securities
Exchange (ISE) and Archipelago already planning initial public
offerings and Philadelphia Stock Exchange, Pacific Stock
Exchange, New York Mercantile Exchange and others already
demutualised, the SEC focus could slow the IPOs in the
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