The directors of the Irish Stock Exchange will discuss proposals to demutualise the organisation at their bi-monthly meeting in July, it has emerged.
Such a move would clear the way for the Dublin market to join in the consolidation of international exchanges, but close observers say a change of structure may not take place until next year.
While informed sources said the issue would be discussed at next month's board meeting, the selection of corporate finance advisers for the process might not happen until the autumn.
A spokesman for the exchange declined to comment yesterday.
Its chief executive, Tom Healy, said a week ago that the organisation was examining ways of allowing member firms to sell their holdings, but said flotation was not on the agenda. The first step in any sale process is demutualisation.
According to some observers, the exchange could be worth in excess of €100 million. Given the consolidation now under way, some market participants believe the Irish exchange would fare better as part of a wider group than going it alone in an international market dominated by big cross-continental exchanges.
The exchange itself is jointly owned by seven stockbrokers: Goodbody, Davy, NCB, Campbell O'Connor, Bloxham, Dolmen and ABN Amro.
Each of these firms has representation on its board.
In a development last year that marked the beginning of the current process, the board commissioned businessman Richard Keatinge to write a report on its strategic options.
His report was never published but he is known to have been strongly in favour of a change of ownership structure.
The discussion next month takes place against the backdrop of a long-running corporate battle for the London Stock Exchange (LSE). Its latest suitor is the Nasdaq, owner of 25.1 per cent of its shares.
The LSE spurned a bid last year from Deutsche Börse, the German exchange, whose trading platform is used by the Dublin market.
Last month, the pan-European exchange Euronext agreed to a merger with the New York Stock Exchange (NYSE).
The NYSE has indicated that it would consider creating a new London exchange to compete with the LSE if its link-up with Euronext did not deliver the international share listings business that it expects.
