Pacific Exchange (PCX) has one more regulatory hurdle to cross after receiving approval for its demutualisation from Securities and Exchange Commission (SEC) on 17 May. The exchange must now await approval from the California Department of Corporations. A hearing for the PCX plan is set for 9 June, although a ruling on its proposal may not necessarily occur at that meeting.
Dale Carlson, vice president of corporate affairs at PCX, said that once the exchange receives its state's green light it plans to create a for-profit, shareholder-owned corporation, PCX Holdings, which will own Pacific Exchange and its...