NEW YORK, Jan. 3 (UPI) -- The National Association of Securities Dealers has completed its sale of the American Stock Exchange of New York to the exchange's members.
The transaction completes a long journey for the stock and options exchange, which was purchased by NASD in 1998.
"As an independent institution, the Amex can better manage its opportunities and challenges, and compete more aggressively in the marketplace," said Amex Chairman and Chief Executive Salvatore Sodano Monday.
Sodano's own future at the exchange remains unclear. A new 15-member board of governors will be elected at the exchange, composed of nine independent governors and six from the securities industry, and will decide on new management.
Sodano, along with Amex President Peter Quick and General Counsel Michael Ryan Jr., received notices from the Securities and Exchange Commission in November saying it was likely to recommend actions against them as part of an investigation into the handling of option orders at the exchange.
