Traders Magazine, July 2003
Amex * GTCR Golder Rauner is proceeding with the purchase of the American Stock Exchange. That's despite a pending Securities and Exchange Commission probe into the Amex's regulatory oversight of its options business. A National Association of Securities Dealers spokeswoman said GTCR was made aware of the probe. However, it still wants to go ahead with the sale, she said. The $110 million bid was submitted in late May before the SEC investigation. The sale must be approved by Amex members. They have the right of first refusal. Some three years ago, the SEC and the United States Justice Department cracked down on Amex and other options exchanges. They said that they had been mishandling customer orders. Amex eventually settled a class-action lawsuit.
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