American Stock Exchange (Amex) announced that it has plans to convert from its existing not-for-profit structure to a for-profit corporation and pursue demutualisation.
While exchange officials have not said Amex was definitely moving toward an initial public offering, demutualisation is widely regarded as one of the first steps toward that goal, as it was for exchanges including Chicago Board of Trade and Chicago Mercantile Exchange. Amex's demutualisation was expected to be completed sometime next year.
The move could help the exchange keep pace with competing US options markets that have already demutualised or have...