The American Stock Exchange® (Amex®) announced today that the Amex Board of Governors and The Amex Membership Corporation have appointed Morgan Stanley to advise it on the preparation and execution of a demutualization plan for the Exchange as well as potential strategic future initiatives.
A demutualization, 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 demutualization plan, which, if adopted, would convert their seats into shares.Neal Wolkoff, Amex Chairman and Chief Executive Officer, said, “We are pleased to have Morgan Stanley, a leading global investment bank with a strong track record in exchange advisory and capital raising, on board to position the Amex for the future.”
About American Stock Exchange
The American Stock Exchange® (Amex®) offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 236 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please speak with the Media Contact above.
