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Schwab leaves NYSE
Wow, Chuck really knows how to tangle, he has successfully sold his company..then criticized the purchasers running of Schwab and may have damaged their goodwill value, bought the company back at pennies on the dollar, then decided to home base the stock at NASDAQ...Cool he's a real operator. I met his main programmer/architecture developer for real time trading Mark ..who owns several houses and worked with Chuck directly...He had a home near Cold water swimming out on the tip of Point Loma- wowo! 35 Million if a penny- so some have prospered at Schwab(and who knows he may have made other lucrative investments) including Chuck!
Date: 12/21/2005 10:47:36 AM ( 19 y ) ... viewed 2102 times Schwab Leaving NYSE for Nasdaq
The company will save about $400,000 per year after the switch, said Schwab CFO.
Stephen Taub, CFO.com
December 19, 2005
The Charles Schwab Corp. is leaving the New York Stock Exchange and will be listed solely on the Nasdaq National Market, effective December 20.
The San Francisco–based brokerage firm had been listed on the Big Board since September 1987, and dual-listed on Nasdaq since January 2004. "After a dual-listing trial of nearly two years, we are convinced of Nasdaq's commitment to a highly competitive, well-regulated marketplace that is optimal for trading our stock," says Charles R. Schwab, the company's founder, chairman, and CEO.
Schwab is the second NYSE dual-listed company to move its listing solely to Nasdaq this year. Cadence Design Systems Inc. bolted from the Big Board in October, according to The Wall Street Journal.
Schwab CFO Christopher Dodds told the paper that the company will save about $400,000 per year after the switch. He also said Schwab prefers Nasdaq's system of using "market makers," which includes numerous traders, rather than the NYSE's "specialist" system, which relies on a single person.
NYSE officials asserted that the exchange has taken more companies from Nasdaq than Nasdaq has from the NYSE, according to the Journal. In addition, the Big Board reportedly offered the best prices for Schwab's stock 85.3 percent of the time in the third quarter, officials continued.
Schwab is the largest company to switch to Nasdaq, and its stock is one of the most actively traded, with 6 million shares changing hands each day, added the Journal.
Companies like to dual-list to increase their liquidity. However, the Associated Press pointed out that dual-listed companies do not qualify for the highly-visible Nasdaq 100 index.
Nasdaq initially permitted dual listings in January 2004. Other companies that have had dual listings include Harmony Gold Mining, Apache, Hewlett-Packard, Walgreen, American Financial Group, Chicago Mercantile Exchange Holdings, and Nuveen Investments, according to the wire service.
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