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The impending Facebook IPO has nearly everyone on Wall Street squirming in their seats with anticipation. No, not just bankers—who could reap a windfall from the underwriting, not to mention unlimited bragging rights—but stock exchanges are also allegedly fighting over the rights to list the coveted stock once it begins trading.The NYSE and NASDAQ have both been vying to be the exchange platform that Facebook ultimately lists on, the New York Post reported. The two exchanges have been making pitches to Facebook executives over the last couple of months to obtain the listing. Facebook is not known to favour one exchange over the other, though it has reserved the ticker ‘FB’ on both.
Stock trading volumes are hitting near-record lows amid a volatile global economy, and some in the industry are hoping that a Facebook IPO may revive the equity market again. It is arguably the hottest and most anticipated IPO in recent years, and expected to garner a $100 billion valuation, though it still remains unclear when the social networking site will file its IPO papers.
Traditionally, technology-oriented stocks have listed on the NASDAQ. The exchange plays host to tech giants Google, Apple and Amazon, among many others. But the Post is reporting that the NYSE has been making a concerted effort in selling themselves as the better platform to tech companies. The exchange has also been trying to clean itself up from a likely-doomed merger with Deutsche Boerse, so the street cred of the Facebook stock listing could help.