Which of the following terms refers to the process of converting a not-for-profit stock exchange owned by its members to a for-profit organization with publicly-traded stocks that are owned by outside shareholders?

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Demutualization refers to the process of converting a not-for-profit exchange owned by its members to a for-profit organization owned by outside shareholders. The exchange "demutualizes" by converting its member-owned shares into shares that are owned by the public. This often involves making an initial public offering (IPO) of stock to raise additional capital. The other options are not related to this process.

Which of the Following Terms Refers to the Process of Converting