Nybot permit holders prepare for demutualisation battle

As the exchange heads towards demutualisation, trading permit holders at New York Board of Trade (Nybot) have been preparing for a battle over the value of permits. At issue is whether the licences have value and how they will be converted into shares of Nybot during demutualisation.

Permit holders believe the permits should be converted into shares in a similar way that Chicago Board of Trade (CBoT) converted its associate memberships into partial shares of the...