Philly Goes Public, More May Follow

Traders Magazine, February 2004

Gregory Bresiger

Big floor-based exchanges across the United States are going to demutualize and it will happen "sooner rather than later," even at the Big Board. That's the prediction of an official of the Philadelphia Stock Exchange (PHLX), which recently received the approval of the Securities and Exchange Commission to demutualize. "There's no question that, as we move down the line, there will be no membership, so-called not-for-profit, owner cooperatives as stock exchanges," Meyer "Sandy" Frucher, Chairman and CEO of the Philadelphia Stock Exchange told Traders Magazine. "I just think that structure has outlived its function." He said it would outlive its function at the Big Board "sooner rather than later."