TD Ameritrade to Switch Stock Listing to Nasdaq

TD Ameritrade Holding Corp. said Tuesday it would transfer its stock-exchange listing from the New York Stock Exchange to the Nasdaq Global Select Market. The company expects to begin trading on Nasdaq on Dec. 14. It expects to keep its current symbol, AMTD. Exchanges battle fiercely over listings, which bring listing fees as well as revenue from trading shares. While once company shares could only be traded at a small number of select exchanges, in recent decades the rise of fully electronic trading has allowed about a dozen more exchanges and more than 40 private trading venues, called dark pools, to arrive. Still, the NYSE and Nasdaq are, by far, the largest exchanges. According to the October monthly report of the World Federation of Exchanges, companies listed on the NYSE had a combined $18.654 trillion market capitalization, compared with $7.413 trillion for Nasdaq. TD Ameritrade said in November that its Chief Executive Fred Tomczyk would retire next September and named Canadian TD Bank Group executive Tim Hockey to replace him.