PHLX board green lights demutualisation plan

14 Jul 2003

Philadelphia Stock Exchange (PHLX), the fourth largest of the five US options markets, moved a step closer to demutualisation last week when the board voted unanimously in favour of the plan.

Conversion of the exchange...

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“The fact is, an awful lot of people would be very happy for all business to be transacted over the counter. Transparency is good for the consumer, but privacy is better for the banks and the brokers. Wherever there’s a grey area, it’s possible to make money.”

European consultants predict frantic lobbying during the Mifid review.