ARTICLES

MATTERS ARISING ON THE DEMUTUALISATION POLICY OF THE SECURITIES AND EXCHANGE COMMISSION

“INTRODUCTION

Demutualisation is the process of converting exchanges from non-profit, member-owned organisations to for-profit, shareholder-owned entities/investor-owned corporations. The members of mutually owned exchanges (i.e. broker dealer with “seats” on the exchange) are also its owners and will all have voting rights conferred by ownership. ”

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