Editing Demutualization (section)

===Security exchanges===
The Stockholm Stock Exchange was the first exchange to demutualize in 1993, followed by Helsinki (1995), Copenhagen (1996), Amsterdam (1997), the Australian Exchange (1998) and Toronto, Hong Kong and London Stock Exchanges in 2000.<ref>Reena Aggarwal of Georgetown University, [http://www.egx.com.eg/pdf/demutalization_and_corporate_governance_of_exchanges.pdf Demutualization and Corporate Governance of Stock Exchanges], ''Journal of Applied Corporate Finance'', Vol 15, No 1, Spring 2002, p. 105ff, accessed 16 July 2012</ref> The [[Chicago Mercantile Exchange]] became a shareholder-owned public corporation in 2000 through a [[initial public offering|public offering]]. "The road to this initial public offering began in June 2000, when Exchange members voted overwhelmingly to transform the then not-for-profit, membership-owned organization into a for-profit, shareholder-owned corporation. On November 13, 2000, CME became the first U.S. [[Exchange (organized market)|exchange]] or [[commodities exchange]] to demutualize into a joint stock corporation."<ref>{{cite web |url=http://www.cme.com/about/ins/caag/profitcomp2799.html |url-status=dead |archive-url=https://web.archive.org/web/20041031073508/http://www.cme.com/about/ins/caag/profitcomp2799.html |archive-date=2004-10-31 |title=CME at a Glance: For-Profit Company}}</ref> The Chicago Mercantile Exchange had its [[Initial public offering|IPO]] on December 6, 2002.

The [[Chicago Board of Trade]] similarly carried out an [[Initial public offering|IPO]] in 2005, having previously been "a self-governing, self-regulated Delaware not-for-profit, non-stock corporation that serves individuals and member firms".<ref>{{cite web|url=http://www.cbot.com/cbot/pub/page/0,3181,1215,00.html|title=CBOT - Organizational Profile<!-- Bot generated title -->}}</ref> [[The Stock Exchange of Hong Kong]] underwent a similar process of demutualization and was publicly traded.<ref>[http://www.hksfc.org.hk/sfc/misc/rep01/eng/ch_stat/frame.htm SFC Annual Report 2000-2001<!-- Bot generated title -->] {{webarchive|url=https://web.archive.org/web/20100611075550/http://www.hksfc.org.hk/sfc/misc/rep01/eng/ch_stat/frame.htm |date=2010-06-11 }}</ref>

[[SIX Group]], a global financial service provider based in Switzerland, represents an extra ordinary form of a mutualised organisation. The owners are limited to an exclusive group of service consumers, in particular Swiss and foreign banks. This entails a closer relationship with the customer, since a customer might influence the customer-oriented behavior by the magnitude of its own equity holding of SIX Group – in this category the subsidiary [[SIX Swiss Exchange|SIX Swiss Exchange AG]].