The demutualization plan, presented to the Board by an advisory group of board members who worked with Exchange management and advisors, calls for the conversion of the current exchange seats into shares and for the introduction of trading permits as a means to trade on the Exchange. "This vote by the Board is historic," said PHLX Chairman and CEO Meyer "Sandy" Frucher. "It recognized that this was a necessary action for America's oldest exchange to prosper in the 21st century. Our next step is to continue our discussions on the plan with the Securities and Exchange Commission, and then submit the final plan to members and seat owners for a vote early in the fall," he said.
Frucher also said the demutualization plan, as presented, has been shaped by the input of all exchange constituencies and is stronger because it has been vetted at every stage by our members. "We will continue this dialogue and deliberative process as we go forward," he said. The Philadelphia Stock Exchange was founded in 1790. The PHLX trades more than 1,500 stocks, nearly 1,000 equity options, 12 sectors index options and currency options. For more information about the PHLX and its products, visit www.phlx.com.
