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NASD has agreed to sell American stock exchange: Amex
New York, Jun 02: The National Association of Securities Dealers, which oversees the Nasdaq stock market, has agreed to sell the century-old American Stock Exchange for USD 110 million to a Chicago-based private-equity firm, an Amex spokesman said today.
New York, Jun 02: The National Association of Securities Dealers, which oversees the Nasdaq stock market, has agreed to sell the century-old American Stock Exchange for USD 110 million to a Chicago-based private-equity firm, an Amex spokesman said today.
The NASD signed a term sheet, a document summarizing the details of the deal and serves as the basis for a final agreement, on Friday to sell the Amex market to the private-equity firm GTCR Golder Rauner Llc after nearly a year of talks.
"We're obviously very delighted to have found a partner that recognises the growth potential and value of the business and we are looking forward to working with them,'' said Amex spokesman Bob Rendine.
Officials at the NASD and GTCR were not immediately available for comment.
The 'Wall Street Journal' reported the deal in today's editions.
The NASD acquired the Amex in 1998 when its leaders felt the open-outcry auction system used at the Amex would complement the electronic trading system used by the Nasdaq.
The Amex is the only market in the United States to trade three different products: stocks, options and exchange-traded funds, or ETFs.
Bureau Report
"We're obviously very delighted to have found a partner that recognises the growth potential and value of the business and we are looking forward to working with them,'' said Amex spokesman Bob Rendine.
Officials at the NASD and GTCR were not immediately available for comment.
The 'Wall Street Journal' reported the deal in today's editions.
The NASD acquired the Amex in 1998 when its leaders felt the open-outcry auction system used at the Amex would complement the electronic trading system used by the Nasdaq.
The Amex is the only market in the United States to trade three different products: stocks, options and exchange-traded funds, or ETFs.
Bureau Report