Seeking Alpha

WSJ: Big Board is front-runner to land Alibaba listing; HFT inquiry opened

  • The listing - in which Alibaba is expected to raise up to $15B - is the largest ever for a Chinese company, and the NYSE (ICE -0.9%) is in the lead to win it, according to the Journal's sources. It would be another setback for the Nasdaq (NDAQ -3.6%) which has struggled to hold onto its reputation as the spot for tech issues following the bungling of the Facebook IPO in 2012.
  • The financial impact of the listing by itself is insignificant, says Richard Repetto, but bragging rights and momentum for future tech IPOs, and boosted trading revenue over time is.
  • In other news, NY AG Eric Schneiderman has reportedly launched a probe into whether stock exchanges give improper advantages to high-frequency traders. His staff has discussed concerns with execs at both Nasdaq and ICE and requested more information. Goldman reiterates its Sell rating on Nasdaq, seeing 17% downside amid this issue.
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