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 Pacifics 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.
State Board of Administration of Flor-ida, Tallahassee, will issue an RFP Monday for a macro level consultant in transition planning to help the $101 billion system implement a defined contribution plan, said Tom Herndon, executive director. The Florida Legislature last week approved a bill giving state workers the option to move out of the defined benefit plan into a defined contribution plan, and Gov. Jeb Bush is expected to sign it.