The Pacific Exchange received approval from the SEC to convert to for-profit status. Exchange members in October voted to demutualize and convert the equities business into a wholly owned exchange subsidiary.
Under the plan, equity trading permits will replace exchange seats as the means for individuals and firms to trade on the Pacific’s Los Angeles and San Francisco trading floors. Exchange ownership will be under PCX Equities, a new corporation with its own board of directors; ownership and access to the equities trading floors and systems will be separated.
