Demutualization will allow us to unlock the equity value of the Exchange, enhance our business and partnership opportunities, and position the Exchange to become more responsive to customer needs," said PCX Chairman and CEO Philip DeFeo. "This plan provides the best opportunity for both members and seat owners to maximize value going forward."
The demutualization plan calls for the creation of new for-profit subsidiaries and a restructuring of the existing entities. The plan will be completed in November and submitted to the SEC and Internal Revenue Service for review. Final SEC and IRS approval vote will follow the PCX member vote, which is expected early in 2001.
