The Amex operated as an independent securities exchange until NASD acquired it in 1998.
With the close of the transaction, a new Board of Governors will be elected for the Amex, as well as for The Amex Membership Corporation, in accordance with new rules approved by the SEC on December 23, 2004.
The new Amex Board will be composed of 15 members, nine of whom will be Independent Governors and six of whom will be Industry Governors.
"The closing of this transaction achieves an important strategic goal: it reestablishes the Amex as an independent entity," Amex Chairman and Chief Executive Officer Salvatore F. Sodano, said. "As an independent institution, the Amex can better manage its opportunities and challenges and compete more aggressively in the marketplace."
"The transition to a new board will be carried out according to rules approved by the membership in a vote held earlier this year and, subsequently, by the SEC," said Anthony J. Boglioli, chairman, The Amex Membership Corporation and Amex vice chairman. "We look forward to moving ahead as an independent organization with a new and promising future for the Amex.
