The NASD and the Philadelphia Stock Exchange Terminate Merger
Discussions
For more information, contact: Kelli Crudo (PHLX) at 215-496-6483 or PR@phlx.com.
Andy MacMillan (NASD) at (202) 728-8340
PHILADELPHIA, April 22, 1999 - The National Association of Securities Dealers, Inc. (NASD®),
and the Philadelphia Stock Exchange (PHLX) today announced that they have ended discussions
concerning a possible combination. Under the proposed combination, the options business of the
Philadelphia Stock Exchange would have been incorporated into the American Stock Exchange®
(Amex ®) options market while the PHLX equities business would have continued as a separate
market and subsidiary of the Amex.
After months of exploring the viability of a possible combination, the parties have determined that a
combination is not feasible. This conclusion was outlined in a letter sent from the NASD to the
PHLX which also suggested that discussions continue to explore other possible alternative
structures. Those discussions, which are continuing, include working on completing the details of
an interim technology agreement.
Both parties noted that the decision was not related to reactions of the SEC or the Department of
Justice to the proposed combination.
Founded in 1790 as the first organized stock exchange in the United States, the Philadelphia Stock
Exchange trades more than 2,600 stocks, 900 equity options, 14 sectors index options and 100
currency pairs.
The NASD is the largest securities-industry, self-regulatory organization in the United States and
parent organization of NASD Regulation, Inc., and The Nasdaq-Amex Market Group, Inc. Through
its regulatory subsidiary, the NASD develops rules and regulations, provides a dispute resolution
forum, and conducts regulatory reviews of member activities for the protection and benefit of
investors. Through The Nasdaq-Amex Market GroupSM, the NASD operates The Nasdaq Stock
Market and the American Stock Exchange.
For more information about the NASD and its subsidiaries, please visit the following Web sites:
nasd.com; nasdaq-amex.com; nasdr.com; the Nasdaq TraderSM
site at nasdaqtrader.com; or the Nasdaq-Amex NewsroomSM at
nasdaq-amexnews.com. |
