PHLX membership price rise prompts takeover talk

18 Dec 2006

Philadelphia Stock Exchange (PHLX) memberships have been rising substantially in the past three weeks, leading to increased speculation that the exchange is preparing for a potential takeover.

PHLX, which is 90%-owned by a group of large banks and brokerage firms and 10% by members and...

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“A lot of banks have spent a lot of money calculating the cheapest way to collateralise their positions, and they’ve hired some very bright mathematicians to do it. Why would they gamble all of that by using the cheapest clearing house?”

Senior rates players believe fears of a race to the bottom among clearing houses has been overstated.