UPDATE: TD Ameritrade To Switch Listing To NYSE
11 Aprile 2012 - 9:12PM
Dow Jones News
TD Ameritrade Holding Corp. (AMTD) said it will transfer its
stock listing to the New York Stock Exchange from Nasdaq, extending
the Big Board's lead in the number of companies lured from its
rival this year.
The swap bolsters the NYSE's position as a trading venue that
attracts financial-services firms. Charles Schwab Corp. (SCHW) made
the same move in 2010, and foreign-exchange brokerage FXCM Inc.
(FXCM) opted to go public on the exchange in late 2010.
Investment-management firm Oaktree Capital Group LLC plans to list
on NYSE in its forthcoming initial public offering, though
private-equity firm Carlyle Group is planning its debut on
Nasdaq.
The switch also follows a highly public victory for Nasdaq last
week. Facebook, whose IPO is the most coveted of the new crop of
Internet-company debuts, plans to list on Nasdaq, The Wall Street
Journal and others reported. A spokesman for Nasdaq OMX Group Inc.
(NDAQ), the exchange's parent company, declined to comment on those
reports.
TD Ameritrade, which has been listed on Nasdaq since its 1997
IPO, has been partnering more with the New York Stock Exchange on
regulatory rule-making and other issues in recent years and felt
"it would be advantageous to expand our relationship with them," a
spokeswoman said in an e-mail.
TD Ameritrade expects to begin trading on the New York Stock
Exchange on April 25 under its current stock symbol, "AMTD."
The spokeswoman declined to comment on incentives or terms the
New York Stock Exchange may have offered to win the listing. A
spokesman for NYSE Euronext (NYX), the exchange's parent, wasn't
immediately available to comment on how it won the listing.
"We look forward to providing the unique benefits of our market,
brand and community to the company and its shareholder," NYSE
Euronext Chief Executive Duncan Niederauer said in a statement.
NYSE has the lead in transfers announced so far this year. Six
companies, with a combined market value of more than $53 billion,
have announced plans to make the move to NYSE from Nasdaq.
One company, Analog Devices Inc. (ADI), with a market cap of
about $11 billion, has announced plans to leave the Big Board for
Nasdaq. Nasdaq also scored a big transfer at the end of last year.
Texas Instruments Inc. (TXN), the chip company with a market cap of
more than $36 billion, announced its switch in December.
"TD Ameritrade is still a valued customer of Nasdaq OMX," said a
spokesman for Nasdaq parent Nasdaq OMX Group. "We're honored to
continue to serve them."
TD Ameritrade relies on stock exchanges for services related to
the execution of its clients' trades.
The move comes as NYSE Euronext plans to cut costs and refocus
its operations in the wake of the European Union blocking its
planned merger with Deutsche Boerse AG (DB1.XE, DBOEF).
While TD Ameritrade's move is a symbolic victory, it will have a
minor impact on the financial performance and broader operations at
NYSE Euronext.
"It's helpful, obviously, to win new listings. There's revenue
attached to it. But at the end of the day, one transfer doesn't
move the needle much," Evercore Partners analyst Chris Allen
said.
-By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;
matthew.jarzemsky@dowjones.com
--Tess Stynes contributed to this report.
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