It's hard to overstate how big a disaster the Facebook IPO
has been for NASDAQ, one of the United States' two big stock exchanges, BusinessInsider writes.
People often forget that the NASDAQ and New York Stock
Exchange (NYSE) are private companies, just like the companies that list on
them. As such, the exchanges compete fiercely for "clients"—which in
this case are public companies looking for a place to list their stocks.
15 years ago, in the 1990s, the relative positioning of
NASDAQ and New York Stock Exchange were clear:
The New York Stock Exchange (NYSE) was the exchange for big, boring, prestigious
industrial companies. NASDAQ was the
exchange for exciting, disruptive technology companies. In recent years, for
example, the NYSE has won hot tech companies like LinkedIn and Pandora. NASDAQ
has also won its share of tech clients, including Groupon. But now, with each
new tech company, it's a fair fight between the exchanges, whereas they once
all went to NASDAQ.
The battle for the Facebook listing, not surprisingly, was
intense. For NASDAQ, especially, winning was critical, because if NASDAQ had
lost Facebook, its positioning as the "home for innovative tech
companies" would really have begun to slip….But what should have been a
crowning achievement for the exchange has now become what one tech insider
describes as a "complete cosmic catastrophe."
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