This means pension funds, endowments, foundations, foreign investors, hedge funds, banks, insurance companies, and a host of other entities that are either not taxed or taxed using a different structure than individuals.

FORBES: The Case For Higher Stock Prices After Tax Increases

Nymex's decision mimics a host of other American exchanges that have decided to end their membership-based ownership structure by launching themselves on the stockmarket.

ECONOMIST: Business this week