Amex set for demutualisation
The American Stock Exchange (Amex) today said its Board of Governors has approved a course of action that would begin the process to convert the exchange from a not-for-profit corporation into a for-profit corporation - the initial step in the process of demutualisation.
The Amex seat owners will have the opportunity to vote on the demutualisation plan, which would convert their seats into shares.
The Amex has enjoyed success with its structured products business in recent years. Amex listed 136 new structured products last year, up from 115 in 2004. At the end of December 2005, Amex traded 373 structured products.
The stock market value of the Amex could be around the $180 million mark, according to various estimates, while the publicly traded New York Stock
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