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Breakingviews: NYSE vs Nasdaq

Monday, June 30, 2014 - 03:22

Following Alibaba's decision about where to list, Jeffrey Goldfarb and Antony Currie discuss why a new stock issuer picks one exchange over another, when shares can be traded most anywhere.

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Big news that Alibaba has chosen New York Stock Exchange for its listing everyone's anticipating. We start to wonder why it was a big news that they -- premier stock exchange. -- -- -- -- the NASDAQ answer me this rivalry is storage but what's the difference between western of one or someone that's at what becomes a listing -- listing and having lost the cup that soul. In it views right it's basically zero there is no different than mr. via their views didn't really he's looking at have a -- how two to mountain's main markets. So -- exchange was always specialist based people on the floor of the stock exchange as it is being front -- testimony year old right. The -- that NASDAQ has always been a truck -- had its own from running in market making progress in the nineties. But now -- -- exchanges -- I always -- total liquidity of -- or the other apps that -- that if I can both treat each other stocks you can easily switch from one to the other that he really wants to know we're just off exchange anyway thank you to the latest that was an attempt last week has some NASDAQ -- have changed just under 25 -- -- trading volume. Going through them. 3638%. Is going through intimidation engines -- investment banks. -- -- and even the biggest asset at least two questions really so what are the exchanges telling companies that they can offer them what do companies really see and pick flooding. Well one thing if you're the New York Stock Exchange going up to -- -- but there's one thing people we don't need to say which is to. FaceBook again. And it's really sick at a Bob's going to be -- say that there are. Arguably legitimate concerns about whether NASDAQ is able to ensure -- that's so stop listing of the site now whether. Whether those concerns -- -- is not a massive publicity or come to be figured that I wanna play. -- accidentally great talking point if you also change or hinting pointedly switch but there are some there are some differences that may be at the margins but there are some things that yet if you -- photos of -- festival running price. I think I'm a big deal -- Bob Marshall by Sunday -- -- -- this both smaller deals in night out from what we've had so units and its issues. May will be the NASDAQ is it cheaper. NASDAQ certainly has made a -- at play full. Investor relations web sites and and other corporate resources services related which is really nice for. Tech companies in particular civil company and remember that they pulled a company a found very it's also what is -- to help Altman not avenue -- change. Hasn't offering is what people talk about an -- for more I think probably because they -- smaller companies. But then he gets the nitty gritty what is that the executives greedy wanna have well if you get them right. Tickets and write something -- -- -- the tickers and it could be a solid and that this historian for the years that that you'll still be -- for example. Kept their lesson and hoping frequent that Microsoft. Would one base which merit. I'd say this this'll save our siblings getting in the -- access to markets across the street that they do very good job of getting a bell and just you know looking at anything. Right it can get like he's got that I don't want to flicks at it's it's still a much much as -- hunting union near demonstrating -- flow for us it's yet. They still got -- the -- and it hasn't saying we're all on the floor of its 200 plus year old -- -- A summons came when he does come down to the simple things aren't we will leave it there -- -- -- all listings coming out about corporate news tomorrow.

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Breakingviews: NYSE vs Nasdaq

Monday, June 30, 2014 - 03:22