Philadelphia Stock Exchange (PHLX) members voted last week to approve the plan to demutualise. The uncertified totals showed demutualisation passing by a vote of 301 to 71, a margin of 81% to 19%. Of the 437 members eligible to vote, 379 cast a ballot, seven of which were invalid. "This vote by the Members sends a signal to all the financial services world that the PHLX is on the leading edge of the evolution of exchange marketplaces," said Sandy Frucher, PHLX chairman and ceo. The member vote follows the approval by the seat owners of the exchange, who voted 330 to 59 in favour of the plan. The final step in the process will involve securing approval by Securities and Exchange Commission (SEC), following a public notice and comment period.
Kuala Lumpur Stock Exchange (KLSE), owner of the Malaysia Derivatives Exchange, is expected...