NYSE considers buying American Stock Exchange

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Thursday, March 7, 2002 | 9:43 a.m.

NEW YORK -- The New York Stock Exchange said it will consider a proposal to buy the American Stock Exchange, a move that would give the biggest stock market a leading position in trading of options and exchange-traded funds.

Bankers representing the American Exchange, which was purchased by the National Association of Securities Dealers three years ago, made the offer. A sale could fetch between $500 million and $700 million, the Wall Street Journal reported.

"We did receive a call from the bankers for the Amex, asking us to take a look," said Robert Zito, head of marketing and communications for the New York Stock Exchange. "We will, once we receive the materials."

The NASD, which is also selling its controlling stake in the Nasdaq Stock Market, has put the Amex up for sale to focus on its role as a regulator. NASD officials weren't immediately available to comment.