American Stock Exchange (Amex) announced that it has plans
to convert from its existing not-for-profit structure to a
for-profit corporation and pursue demutualisation.
While exchange officials have not said Amex was definitely
moving toward an initial public offering, demutualisation is
widely regarded as one of the first steps toward that goal, as
it was for exchanges including Chicago Board of Trade and
Chicago Mercantile Exchange. Amex's demutualisation was
expected to be completed sometime next year.
The move could help the exchange keep pace with competing US
options markets that have already demutualised or have started
the process of doing so, such as Chicago Board Options
Exchange, or publicly traded exchanges such as International
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