NYSE and Nasdaq Now (Technically) Have a Rival in Stock Listings
(Bloomberg) -- The New York Stock Exchange and Nasdaq Stock Market finally face some competition in listing public companies.
It's from Cboe Global Markets Inc., which plans to move its shares to its own Cboe BZX Equities Exchange, yanking its primary listing from Nasdaq. The change will happen on Sept. 17, according to a Thursday statement.
There are three big operators of U.S. stock exchanges: NYSE, Nasdaq and Cboe. The first two are currently the home markets for every publicly traded corporation in the nation that's traded on an exchange.
Cboe's switch is mostly symbolic. NYSE-listed stocks trade on Nasdaq, and vice versa. Cboe trades companies from both. However, the listing exchange often sees most of a stock's overall volume; for Cboe's shares, 31 percent of volume took place Thursday on the Nasdaq Stock Market, more than any other exchange, according to data compiled by Bloomberg.
With one listed stock, Cboe will technically be ahead of IEX Group Inc.'s upstart Investors Exchange, which has failed to persuade any companies to list their shares on its market.
To contact the reporter on this story: Nick Baker in Chicago at nbaker7@bloomberg.net
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Chris Nagi
©2018 Bloomberg L.P.
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