The American Stock Exchange is working actively to wrest some of the close-end fund business from the Big Board, Dow Jones Newswires reports. The new battle between the exchanges echoes their fight for exchange traded funds, as Mutual Fund Market News reported last summer.

At a time when new listings are hard to come by, Amex is looking at whatever ways it can to win business from the New York Stock Exchange, Dow Jones reports. Last year, 77 new closed-end funds came to market, raising $15 billion, according to Lipper.

And Amex is competing fiercely on cost. On the NYSE, a fund listing 50 million shares would pay $205,300 in listing fees, whereas Amex would cost $35,000.

Amex recently successfully attracted the listing of the Evergreen Income Advantage Fund, which, with about $1 billion in assets, is the largest high-yield closed-end fund, the largest fund trading on the Amex and one of the largest closed-end offerings ever brought to market. The fund paid $5,000 to list its 60 million shares on the Amex. Had it chosen the NYSE, its total initial listing fees, including the application charge, would have been $240,300, Dow Jones reports.

The Amex has also given the firm more flexibility in introducing smaller state-specific or specialty funds, since its minimum listing requirements, in terms of net assets, are lower than those at the NYSE. For example, the NYSE requires funds to have a minimum of $60 million in net assets, while the Amex's minimum for listing is $20 million.

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