Members of the London Stock Exchange voted on Wednesday to demutualise the 200-year-old institution. The proposal was approved at an extraordinary general meeting. It could value the exchange of about £300m ($471m). "Today's vote moves the exchange into a new era, providing a structure that will allow it to compete more effectively in the rapidly developing environment in which stock exchanges now operate," said chairman John Kemp-Welch. Technological change and greater competition have revolutionised share dealing worldwide. Now, instead of being owned and run by members, the exchange will be run by a limited company. It will lead to windfalls of £1m for the 298 brokers and other institutions that currently own the exchange, each of which will get 100,000 shares.
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