The Official Switch Scoreboard
Issuer Advisory Group LLC
December, 2011
The following slides set forth the details of switches between the NYSE and Nasdaq. Three SEC mandated
market reforms several years ago led to increased competition in this arena, once dominated by the NYSE.
Those reforms were:



The repeal of Rule 500 (which required a shareholder vote to switch)
The implementation of Reg NMS (which embraced electronic trading)
Symbol Portability (which gave companies the right to keep their symbol)
Once implemented, these changes had a profound effect. Nasdaq quickly grabbed the momentum and handily
won the competition in 2008 and 2009. The NYSE responded in 2010 by reversing this momentum with its best
performance in nearly a decade. Nasdaq won the competition in 2011 in terms of Market Cap, while the NYSE
landed more companies. Since symbol portability was permitted, 37 companies have moved to the NYSE from
Nasdaq, while 32 have moved the other way. However, switches to the NYSE aggregated only $88 Billion in
Market Cap, while the Market Cap of switches to Nasdaq totaled $214 Billion. Hence, while the NYSE has
landed 5 more switches over the four year period, Nasdaq has won more than twice the market cap of that
secured by the NYSE. The trend line is now very clear: switches to Nasdaq do so to reduce their annual listing
fee and to capitalize upon substantial co-branding incentives. Conversely, companies not subject to a material
fee increase migrate to the NYSE primarily for brand affiliation .
1
NYSE vs Nasdaq
The Official Switch Scoreboard – A Changing Tide
Issuer Advisory Group LLC
Number of Companies
Market Cap of Companies
90
70
($ in Billions)
80
60
70
50
60
40
50
30
40
20
30
20
10
10
9
19 8
9
20 9
0
20 0
0
20 1
0
20 2
0
20 3
0
20 4
0
20 5
0
20 6
0
20 7
0
20 8
0
20 9
1
20 0
11
0
19
19
9
19 8
9
20 9
0
20 0
0
20 1
0
20 2
0
20 3
0
20 4
0
20 5
0
20 6
0
20 7
0
20 8
0
20 9
1
20 0
11
0
NYSE in Blue / Nasdaq in Red
IAG Note: To ensure comparability between periods, only companies with greater than $100 million in market cap have been included
(eliminates AMEX confusion). Totals also include only the domestic market cap of Vodafone (global mc = $132B).
2
The Official 2011 Switch Scoreboard
Issuer Advisory Group LLC
Companies moving to Nasdaq from the NYSE: 7
Viacom
$28.4 B
Fifth Street
Financial
$1.0 B
Sallie Mae
$6.2 B
Icahn Enterprises
$3.3 B
Wendy’s
International
$2.0 B
Frontier
Communications
$5.5 B
Texas
Instruments
$32.0 B
Total Market Cap to Nasdaq in 2011 = $78 Billion
Companies moving to the NYSE from Nasdaq: 16
Usana
$.7B
IMAX
$1.8 B
Miller
Energy
Resources
$.2 B
3D Systems
$1 B
XO Group
$.3 B
Success
Factors
$2.2 B
Hudson
Valley
Holdings
$.4 B
Regency
Energy
$3.5 B
Level 3
Com
$4.8 B
Kenexa
$.6 B
Joy Global
$9.5 B
TC
Pipelines
$2.5 B
Prosperity
Bancshares
$1.9 B
Provident
NY Bank
$.2B
StoneMor
$.5B
DRD Gold
$.2B
Total Market Cap to NYSE in 2011 = $30 Billion
Includes only stocks > $100 million market cap to ensure comparability with prior periods.
3
The Official 2010 Switch Scoreboard
Issuer Advisory Group LLC
Companies moving to Nasdaq from the NYSE: 7
Winner
Medical
$163 M
Sky People
Fruit Juice
$130 M
Shengkai
Innovations
$175 M
China
MediaExpress
$430 M
Potlatch
$1.3 B
Hasbro
$6.8 B
Avis Budget
Group
$1.5 B
Total Market Cap to Nasdaq in 2010 = $10 Billion
Companies moving to the NYSE from Nasdaq: 15
Kapstone
Paper &
Packaging
$417 M
Targa
Resour
$1.7 B
Charles
Schwab
$22 B
Paragon
Shipping
$237 M
Inergy
$3.9 B
Orion
Energy
Systems
$110 M
Knight
Capital
$1.3 B
Monmouth
REIT
$238 M
Houston
American
Energy
$293 M
Corporate
Executive
Board
$1.0 B
United
Airlines
$3.8 B
GFI Group
$565 M
Main Street
Capital
$301 M
Compass
Diversified
$714 M
Triangle
Capital
$288 M
Total Market Cap to NYSE in 2010 = $37 Billion
Includes only stocks > $100 million market cap to ensure comparability with prior periods.
4
Switch Momentum 2009
(Restated)
Issuer Advisory Group LLC
Companies moving to Nasdaq from the NYSE: 10
Ener
$800 M
Dreamworks
$1.4 B
RR Donnelly
$2.9 B
GHL
Acquisition
$500 M
Mattel
$6.5 B
Vodafone *
$13.2 B
BMC
Software
$7.0 B
Cypress
Semi
$1.3 B
Windstream
$4.6 B
Micron
Technology
$7.5 B
Total Market Cap to Nasdaq in 2009 = $46 Billion
Companies moving to the NYSE from Nasdaq 3:
Orion
Marine
$400 M
Juniper
Networks
$14 B
GMX
Resources
$400 M
Total Market Cap to NYSE in 2009 = $15 Billion
* Global Market Cap = $112 B
Includes only stocks > $100 million market cap to ensure comparability with prior periods.
5
Switch Momentum 2008
(As published 12/08)
Issuer Advisory Group LLC
Companies moving from the NYSE to Nasdaq: 8
Computer
Associates (CA)
$12B
CME Group
(CME)
$20B
Celera
(CEL)
$1B
Automated Data
Processing
(ADP)
$18B
Seagate
Technology
(STX)
$6B
Jack in the Box
(JBX)
$1.2B
Mylan
Laboratories
(MYL)
$3B
News Corp
(NWS)
$22B
Total Market Cap to Nasdaq in 2008 = $80 Billion
Companies moving to the NYSE from Nasdaq: 6
Hill International
(HIL)
$500 M
Northwestern Corp
(NWE)
$950 M
Alexander & Baldwin
(AB)
$1.8B
Warnaco
(WRC)
$2.2B
Seabright Insurance
(SBX)
$200M
Monster
Worldwide
(MWW)
$1.4B
Total Market Cap to NYSE in 2008 = $7 Billion
6