The Amex Membership Corporation (AMC) announced today that members approved the transaction to transfer control of the American Stock Exchange (Amex) from NASD to AMC. Amex Seat Owner approval of the transaction is a very important step in advancing the strategic direction of the Exchange and sets the stage for the Exchange to better manage the challenges and opportunities to compete more aggressively in the marketplace.
The Amex Membership Corporation said, "We are extremely pleased that members strongly support the transaction. This will eliminate the uncertainty surrounding ownership and better position the Amex to address competitive challenges."
Closing of the transaction is subject to certain conditions, including the approval of the Securities and Exchange Commission.