The New York Stock Exchange, the world's largest stock market, Friday said it hopes to go public by late November,1999 taking advantage of what may be the longest running bull market in U.S. history.
The move could mean that any investor may buy shares in the 207-year old Wall Street institution, long seen as a money-making machine for its elite 1,356 members.
The timing could be ripe for an NYSE initial public offering. As the Dow Jones industrial average has piled up gains of more than 7,000 points since the end of 1994, the New York Stock Exchange's star has risen too. The building, with its neo-classical facade, has become a mecca for tourists and a favorite photo-op for foreign dignitaries and celebrities.
Currently, all U.S. stock markets are privately held, but that could be changing soon. The National Association of Securities Dealers, parent of the Nasdaq and the American stock markets, has said it is taking steps toward a possible IPO.
Merrill Lynch and Co. Inc. will put together a study of possible structures for no charge and make a recommendation to the NYSE board at its September 2 meeting, the NYSE said. The board could vote immediately and the decision would then be put to the membership. |
