Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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February 1, 2002

IPO, Buyout Possible for Amex

By Gregory Bresiger

Every possible option remains in play for the future of the American Stock Exchange, the second largest stock exchange in the United States.

"An IPO, a membership buyout, a merger with another exchange are all among the possibilities as well as many others," according to Bob Rendine, a spokesman for the Amex. "Nothing is the favorite at this point."

The comment comes in the wake of the announcement by the National Association of Securities Dealers that it sold its remaining stake in Nasdaq, some 33.7 million shares, which were valued at $440 million. That represented a little bit more than a quarter of Nasdaq's equity, although the NASD will continue to hold some Nasdaq warrants. NASD officials have conceded that "it makes sense" for the Amex to go its own way.

When Amex finally moves on to its next phase, it will mark the end of an era for the NASD: It will mean that the nation's largest self-regulatory organization will have finally exited the trading business. The Amex spokesman said the decision on which option will be selected will probably come by the end of the year.