The New York Stock Exchange may have beaten out Nasdaq for the chance to list Twitter once its initial public offering goes live.
According to the Street, the micro-blogging technology firm has chosen to list with NYSE for its IPO instead of rival exchange Nasdaq. If this is true, Nasdaq could have lost out on the high profile IPO due to its glitch-prone technology. Not only did Nasdaq’s trading systems stall during the much-anticipated Facebook IPO last year, it also experienced a trading freeze in mid-August that lasted for roughly three hours.
NYSE spokesman Eric Ryan declined to comment to Traders Magazine about the reports of the Twitter IPO. He also declined to speculate when a decision or an announcement about a possible Twitter IPO would be made.
Observers in the financial IT space have long noted that IT is a commodity on Wall Street and the capital markets, but if the Twitter-on-NYSE reports are true this is a serious blow to Nasdaq. If traders, investors and companies wishing to go public cannot trust the trading venue and its trading systems, they will vote with their feet.
Bloomberg reports Nasdaq declined to comment and Twitter has not confirmed the reports of its decision.
According to media reports, the initial public offering will happen before Thanksgiving and may net Twitter around $1.5 billion.
