New York: The Nasdaq Stock Market, Inc has announced its dual listing initiative and concurrently the decision of six New York Stock Exchange companies to dually list their stock on the NASDAQÒ and the NYSE. The six companies, the first to list on both markets under this program, are Apache Corporation (NYSE: APA), Cadence Design Systems (NYSE: CDN), The Charles Schwab Corporation (NYSE: SCH), Countrywide Financial (NYSE: CFC), Hewlett-Packard (NYSE: HPQ) and Walgreens (NYSE: WAG).
"We can provide a unique opportunity for public companies to trade on NASDAQ and to experience the benefits of an electronic model with multiple, competitive participants," said Bob Greifeld, president and chief executive officer of The NASDAQ Stock Market. "The companies who intend to dual list with NASDAQ are leaders across a diverse range of industry types. We believe that through dual listing, these companies will have greater access to the benefits of highly efficient trading in a highly transparent environment."
"This is an innovative concept that ratchets up the debate regarding the quality of the trading environment for securities and what is best for shareholders," said Jeffrey Sonnenfeld, associate dean, Yale School of Management. Sonnenfeld continued, "This is certainly an option that CEOs and their Boards will need to examine as they evaluate trading in their stock."
Companies wishing to dual list on NASDAQ must meet National Market listing standards. Firms listing on NASDAQ as well as the NYSE will trade under the same three-letter symbol on both markets.
The six companies making the announcement, with a total market capitalization of approximately $156 billion, are the first stocks to participate in NASDAQ's new dual listing program.
NASDAQ is the world's largest electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to category-defining companies that are leaders across all areas of business including technology, retail, communications, financial services, media and biotechnology.