Amex prepares for demutualisation; appoints Morgan Stanley

A demutualisation, if completed, would convert the exchange from a not-for-profit corporation into a for-profit corporation. Amex seat owners would have the opportunity to vote on any proposed demutualisation plan, which, if adopted, would convert their seats into shares.

The number of new structured products listed on the American Stock (Amex) decreased from 136 during 2005 to 114 during 2006. In 2004 115 new products were listed on the exchange. As of December 31, 2006 the Amex traded a

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