January 21, 2004
Firm serves as legal advisor to the Philadelphia Stock Exchange Board of Governors on historic transaction.
On January 21, The Philadelphia Stock Exchange, Inc. announced that the Securities and Exchange Commission approved its historic demutualization plan. Willkie served as legal advisor to the Board of Governors of the Exchange on this transaction and financial advise was provided by Keefe, Bruyette & Woods. The Philadelphia Stock Exchange, the nation’s oldest, will now operate as a share-based corporation. The Exchange, which trades both stocks and options, becomes the first floor-based stock exchange to convert itself into a shareholder-owned, for-profit company. The demutualization was handled by Willkie attorneys Governor Mario Cuomo and Michael Schwartz.