NYMEX Inches Closer to For-Profit Demutualization
The NYMEX is evaluating a demutualization proposal that calls for the exchange to convert its members' seats into two classes of stock and create a for-profit, Delaware incorporated holdings company.
The Quest to Kill 390
As more and more NYSE members grab stakes in ECNs, the death of the Big Board's Rule 390 grows nearer. The rule's elimination could yield reduced trading costs for members and increased listed order flow for ECNs.
The Great Auction---Issuing Shares and Enticing IT Talent
Despite all the talk about exchanges issuing IPOs, the reality is that markets like the Nasdaq and the CBOT are leaning more toward private placements than public offerings. Simultaneously, as they evaluate different for-profit schemes, some exchanges are planning to offer stock to employees, particularly high-level IT staff.