Nasdaq spokesman Wayne Lee said the exchange had discussions with several NYSElisted companies that considered but did not switch to Nasdaq due to the lack of portability of their ticker symbols. Nasdaq said on that three listings from NYSE and from AMEX had switched to its platform in the third quarter. Nasdaq filed its proposal with the SEC in backed by the National Stock Exchange, the Chicago Stock Exchange, and the Pacific Exchange, which is NYSE Arca. This proves that listings is branding business and not commoditized one, he said.
The battle revolved around NYSEs traditional ability to hang on to their stock symbols if they switch venues. Nasdaq spokesman Wayne Lee said the exchange had discussions with several NYSElisted companies that considered but did not switch to Nasdaq due to the lack of portability of their ticker symbols. Nasdaq said on that three listings from NYSE and from AMEX had switched to its platform in the third quarter.
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Companies are driven by factors beyond costs to select venue, such as the reputation of the venue and peer listings. The SEC will also establish third party to maintain database for ticker symbols. Reporting by Jonathan Spicer editing by John Wallace 16462236253 Reuters Messaging Keywords NASDAQ NYSETICKERS Multimedia versions of Reuters Top News are available for Xtra visit BridgeStation view story For more information on Top News httptopnews. reuters. com COPYRIGHT Copyright Thomson Reuters Portability of the ticker reduce switching costs, but do not expect massive switches. Read All Comments Have question? Ask our community of experts here.
Neither the Subscriber nor Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. NYSE spokesman Rich Adamonis said NYSE anticipated the SECs decision. Read All Comments Have question? Ask our community of experts here. More On This TopicCompanies NDAQ Nasdaq, which has more but generally smaller listings, has aggressively tried to lure companies away from NYSE with lower fees.
NYSE spokesman Rich Adamonis said NYSE anticipated the SECs decision. Nasdaq has long complained that the prospect of losing those symbols has dissuaded companies from changing venues, and believes the branding victory will help it lure listings to its venue. GM The plan allows issuers switching among competing markets to have the option to retain their trading symbol, often critical part of their brand, Adena Friedman, Nasdaqs executive vice president, said in statement on Symbols aside, there are many other attributes that distinguish the NYSEs value to our listed companies, he said.
