American Stock Exchange

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American Stock Exchange

Founded	1842
Headquarters	New York, NY
Key People	Neal Wolkoff, Michael Bickford, Mark Seetin
Products	Stocks, Options, ETFs
Web site	www.amex.com

The American Stock Exchange, established in 1842, is a U.S.-based securities exchange. Neal Wolkoff, former long-time executive with the New York Mercantile Exchange, is AMEX's CEO. Michael T. Bickford is the senior vice president in charge of options.

On Jan. 17, 2008, NYSE Euronext announced a proposed deal to acquire the American Stock Exchange (Amex). If approved by shareholders, it would give NYSE Euronext a bigger stake in the options business (as well as exchange-traded funds ETFs, closed-end funds, structured products and cash equities). Total cost of the deal is $260 million in NYSE Euronext common stock, plus additional shares for Amex members of NYSE Euronext common stock based on the net proceeds from the expected sale of Amex’s lower Manhattan headquarters. The deal is also subject to approval by regulators, including from the SEC and Department of Justice. The transaction is expected to close in the third quarter of 2008 and to be accretive to NYSE Euronext’s 2009 earnings.^[1]

On June 17, 2008, NYSE Euronext and Amex announced that members of The Amex Membership Corporation (AMC) had approved the adoption of the merger agreement between AMC and NYSE Euronext and some subsidiaries. The Securities and Exchange Commission (SEC) must still approve the rule changes related to the transaction before it becomes final. Preliminary results indicate that the AMC memberships voted 695 to 7 in favor of the transaction. The number of AMC memberships voted in favor of the transaction represented approximately 84 percent of the total AMC memberships outstanding and entitled to vote on this transaction.^[2]