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Comparative Analysis of NYSE and NASDAQ Operations Strategy

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Comparative Analysis of NYSE and NASDAQ Operations Strategy OIDD 615 Operations Strategy May 2016 Comparative Analysis of NYSE and NASDAQ Operations Strategy Yanto Muliadi and Gleb Chuvpilo1* Abstract In this paper we discuss how companies can access the general public in order to raise money for their businesses and the resulting set of competitive strategies among exchanges, focusing specifically on operations strategies. Here we focus on one specific strategy – operations strategy, and we will see that a carefully designed operations strategy can have a significant impact on the success of the exchange business and the clientele it attracts. Keywords Operations Strategy *Corresponding author: [email protected] Contents References8 Introduction2 1 Industry Background2 Introduction 1.1Stock Market.......................2 In this paper we discuss how companies can ac- 1.2Market Participants.................2 cess the general public in order to raise money for 1.3Stock Exchange....................2 their businesses and the resulting set of competitive strategies among exchanges, focusing specifically 1.4Major Competitors..................2 on operations strategies. This process of raising cap- NYSE • NASDAQ ital involves the concept of listing the company at 2 Organizational Differences3 an exchange, which requires that the company sat- 2.1Transaction Location................3 isfies requirements that vary exchange to exchange. 2.2Transaction Flow Control............3 The business of running an exchange is highly prof- 2.3Perception and Cost................3 itable, which results in a considerable number of exchanges that compete for global listing business. 2.4Listing Mechanics..................3 In order to maintain competitive advantage and pre- NYSE • NASDAQ serve and gain market share, exchanges can choose 2.5Discussion.........................4 from a variety of strategies. In this analysis we fo- 2.6Public vs. Private...................4 cus on one specific strategy – operations strategy, 3 Analysis4 and we will see that a carefully designed operations 3.1Listing and IPO.....................4 strategy can have a significant impact on the suc- cess of the exchange business and the clientele it Issue • Hypothesis/Analysis attracts. 3.2Transaction Costs...................6 The structure of the paper is the following: to Issue • Hypothesis/Analysis set up the context, we start with an analysis of 4 Recommendations8 the industry of exchanges and the description of 5 Conclusion8 all the relevant actors. We then proceed with a Comparative Analysis of NYSE and NASDAQ Operations Strategy — 2/8 deep dive into two major competitors operating in traded funds, hedge funds, investor groups, banks the United States–the New York Stock Exchange and various other financial institutions). (NYSE) and the National Association of Securities The rise of the institutional investor has brought Dealers (NASDAQ). This helps us set up for the fol- with it some improvements in market operations. lowing section, where we can see how NYSE and There has been a gradual tendency for ”fixed” (and NASDAQ specifically position themselves and use exorbitant) fees being reduced for all investors, partly their operations strategy against each other. Finally, from falling administration costs but also assisted we conclude the analysis with the key takeaways by large institutions challenging brokers’ oligopolis- on how a company should approach the decision tic approach to setting standardized fees. of choosing which exchange to raise capital at. We close the paper by outlining future work direction 1.3 Stock Exchange on this topic. Stock exchange is a place or organization by which stock traders can trade stocks. Companies may want to get their stock listed on a stock exchange. Other 1. Industry Background stocks may be traded ”over the counter” (OTC), that 1.1 Stock Market is, through a dealer. A large company will usually A stock market, equity market or share market is the have its stock listed on many exchanges across the aggregation of buyers and sellers of stocks; these world. may include securities listed on a stock exchange and those traded privately. 1.4 Major Competitors The stock market is one of the most important As can be seen here, NYSE and NASDAQ are the ways for companies to raise money, along with debt two largest stock exchanges in the world by market markets which are generally more imposing but capitalization: do not trade publicly. This allows businesses to Table 1. Top 5 Stock Exchanges by Market Cap be publicly traded, and raise additional financial capital for expansion by selling shares of ownership Rank Exchange Region of the company in a public market. The liquidity 1 NYSE USA that an exchange affords the investors enables their 2 NASDAQ USA holders to quickly and easily sell securities. 3 London Stock Exchange UK/Europe 4 Japan Stock Exchange Japan 1.2 Market Participants 5 Shanghai Stock Exchange China Market participants include individual retail investors, institutional investors such as mutual funds, banks, insurance companies and hedge funds, and also pub- 1.4.1 NYSE licly traded corporations trading in their own shares. The New York Stock Exchange (NYSE) is an Amer- Some studies have suggested that institutional in- ican stock exchange located at 11 Wall Street, Lower vestors and corporations trading in their own shares Manhattan, New York City, New York. It is by far generally receive higher risk-adjusted returns than the world’s largest stock exchange by market cap- retail investors. italization of its listed companies. The NYSE is A few decades ago, worldwide, buyers and sell- owned by Intercontinental Exchange, an American ers were individual investors, such as wealthy busi- holding company it also lists (NYSE: ICE). Previ- nessmen, usually with long family histories to par- ously, it was part of NYSE Euronext (NYX), which ticular corporations. Over time, markets have be- was formed by the NYSE’s 2007 merger with the come more ”institutionalized”; buyers and sellers fully electronic stock exchange Euronext. NYSE are largely institutions (e.g., pension funds, insur- and Euronext now operate as divisions of Intercon- ance companies, mutual funds, index funds, exchange- tinental Exchange. Comparative Analysis of NYSE and NASDAQ Operations Strategy — 3/8 1.4.2 NASDAQ panies are perceived to be better established with The NASDAQ Stock Market (National Association many of the blue chip firms and various stable and of Securities Dealers Automated Quotations) com- established companies listing there. monly known as the NASDAQ is an American stock exchange. It is the second-largest exchange in the 2.4 Listing Mechanics world by market capitalization, behind only the New 2.4.1 NYSE York Stock Exchange. The exchange platform is To be listed on the NYSE, a company must submit a owned by The NASDAQ OMX Group, which also request along with the following: a list of corporate owns the OMX stock market network and several bylaws, five years of annual shareholder reports, other US stock and options exchanges. copies of the company’s stock or bond certificates, the current year’s Form 10-K, a proposed schedule 2. Organizational Differences of expected stock distribution, and a proxy state- ment from the current year’s annual shareholder 2.1 Transaction Location meeting. Moreover, the company is required to On NYSE, all trades occur in a physical place, on meet the following guidelines: the trading floor in New York City. Nasdaq, on the other hand, is not located in a physical trading • Must issue at least 1.1 million shares to at floor but on a telecommunications network. Trad- least 400 shareholders. ing takes place directly between investors and their buyers/sellers who are the market makers through • Market value of public shares must be at least an elaborate system of companies electronically $40 million, with a minimum share price of connected to one another. Due to this we consider $4. Nasdaq to be a dealer’s market while NYSE to be • Must have $10 million in aggregate pre-tax an auction market. earnings for the last three fiscal years, includ- ing $2 million in most recent year. If this 2.2 Transaction Flow Control requirement cannot be met, the company can As mentioned previously, the exchange needs an also apply based on a global market capital- entity that is at the intersection where buyers and ization of at least $500 million, with revenues sellers meet. This entity deal with exchange prob- of at least $100 million in the last year, and lems and in turn make it possible for their markets no negative cash flow in the three most recent to work. On NASDAQ, this entity is known as the years. The company can also be listed based market maker who transacts with buyers and sellers on revenues of at least $75 million in the last to keep the flow of trading going. On NYSE, the fiscal year. entity is called the specialist who is in charge of matching up buyers and sellers. The role of those The entry fee to list stocks on the NYSE is up 2 entities are technically different. Market maker to $250,000. Yearly fees are based on the number creates a market for a security (provides market liq- of shares listed and are capped at $500,000. uidity) while specialist merely facilitates the market. However, their duty is similar that they try to ensure 2.4.2 NASDAQ smooth and orderly markets for clients. In order for a security to be listed on the NASDAQ, a company must submit an application and meet the 2.3 Perception and Cost following initial requirements: NASDAQ is generally known as a high tech market, attracting many internet/electronics companies. Ac- • Must have a minimum of 1,250,000 publicly cordingly, the stocks listed here are considered to traded shares, with a regular bid price of at be more volatile and growth oriented. NYSE com- least $4. Comparative Analysis of NYSE and NASDAQ Operations Strategy — 4/8 • Must have at least three market makers for its publicly-traded corporation, while the NYSE was stock.
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