Philadelphia Stock Exchange (PHLX) memberships have been
rising substantially in the past three weeks, leading to
increased speculation that the exchange is preparing for a
PHLX, which is 90%-owned by a group of large banks and
brokerage firms and 10% by members and investors, has watched
the price for memberships rise to $120,000 last week from
around $80,000 in recent weeks. The valuation of the exchange
has risen dramatically to $600m from $400m over the past three
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