You're watching...
FBN’s Charlie Gasparino on reports the NYSE is making “soft overtures” to Facebook to switch its listing from the Nasdaq.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
We bring it back home here and while the NASDAQ is busy cleaning up.
What really can be called -- debacle of the FaceBook IPO its rival the New York Stock Exchange is making some moves.
Charlie desperate I don't know if you just heard during -- -- -- so this is not about.
Who muffed an IPO or not but years sang that are out there may be attempts to capitalize -- maybe you wanna take in the high road an and by the way and and publicly the New York Stock Exchange has taken I've -- -- -- what we know kind of going on behind the scenes.
Lots of -- what's been described to me as -- overtures from the New York Stock Exchange.
To FaceBook to get its FaceBook to change its listing already it listened more why wait that was -- time ago.
Are we should point out these are soft overtures these are not like you should move over now -- in New York Stock Exchange knows that the chances of -- FaceBook move and our pretty pretty slim.
But there -- speed of what's what is been described to me as soft -- can we do anything and we help.
Is there anything we can do.
We are here for you we love you even though you -- -- company we want you to list here.
-- be able dramatic with the last one but anyway it's kind of in that that that that that.
That it's kind of along that those lines.
They are clearly reaching out to FaceBook as this is going on we should also point out that they're being more aggressive with other companies.
Zynga is a company that I hear that they are courting very aggressively listen do you really want to trust a bunch of computers.
Over what we have which you know for better or worse it is a combination of computers in humans that could step in.
And do these trade so this is -- the New York Stock Exchange is doing.
If they did not waste time from what I understand from -- -- -- you know following Friday's -- -- start of ramping up the competition here and going after FaceBook.
In a soft way.
The other competitors -- in a very direct way.
Don't risk your your next stop offering.
To a computer that commercial should also -- just for people who don't know how this works companies jump back and forth from exchange to exchange don't really do that in Louisville corporation are apparent that if it's it's look at we just -- -- yes it's not unusual and that's there's a big race to get the listing the company to list there.
They paid but you know you often you know that your home like for example Dick Grasso has been telling me that when he -- -- CEO.
Of the of the of the new York stock changing left in 2000 very.
He tried for like you know twenty years to get to get Microsoft to jump Microsoft never -- -- on the NASDAQ apple the same -- Cisco all these tech companies.
Made some headway with some of them but it's it's it's hard so the New York Stock Exchange is targeting a lot of tech companies.
They think this is a really big thing remember they did -- over.
TD Ameritrade right curing the they during the -- when when NASDAQ was driven by FaceBook for some reason listing they gotta switch from the NASDAQ to there.
TV mention merger long time.
NASDAQ company so that's the kind of listing battle these are two very aggressive businesses New York Stock Exchange NASDAQ often.
Bitter enemies as you know -- Bob -- -- -- -- the NASDAQ trade the takeover the New York Stock Exchange wouldn't New York Stock Exchange was.
Involved in those of what maternity failed merger attempt with the -- -- They've both kind of at square one right now.
This is going to be is considered a big selling point for the New York Stock Exchange for debacle.
Well everybody's piling it higher and deeper on the NASDAQ I thought why we just do little bit of number searching and I notice that in the past ten years.
The NASDAQ has list of more than 800 IPO us.
You have to expect from 807 what regardless it's like some got very few incidents like this one do they get no props for 806.
Good ones and why -- stuff I.
I would only say I think -- It's kind of a non sequitur -- and the reason why exists it's one thing.
To lose some crappy company you know that known her -- and as you know to institutional buyers and you know when he finals -- -- the stock.
As nothing to do FaceBook I mean you really do get paid when you're able to do the -- want to see ones and you know yes and battling as it -- let IPOs ever.
They have different listings to in -- in the New York Stock Exchange -- -- -- home of these sort of start up.
More techie startup companies these are smaller companies much easier to do.
This is a big deal.
-- -- they they had -- massive problems lots of retail.
Order flow coming in their nine lawsuits plus floating around -- Morgan Stanley questions you have when you have -- Morgan Stanley would tell you and I think.
That's -- Iowa I reported earlier Bob -- with the mortgage failures in apologize why is it.
While that deal was it's price very well what is one of the reason why it was a price so -- got off to a lousy start why they get off to lousy start.
Because nasdaq's systems malfunction for hours.
It would delay to have Fallon and after that it was a couple hours of real bit of turmoil where you didn't know he actually owned the stock not even though you -- you -- it.
It was it was very hard to find a price at that point.
I think NASDAQ has a big problem with -- might -- my personal view.
Bob -- fields jobs gotta be on the line I mean it's gotta be balancing this -- a very complain board.
But you know you don't screw this up without repercussions generally.
You don't miss something to -- You know and you know he's got a lot of explaining to do -- they say.
He's doing it you I don't think I think bright field -- -- I don't think he would be making the statements that he's been making.
I'm -- here going to Morgan Stanley -- the pointing the finger that.
And and basically saying I'm sorry to them why did he do that we'll have to pointed a finger at them he drew some delightful when office had guess what.
He gets business from Morgan Stanley they sent in order flow well maybe they might not send it to him anymore.
Charlie Gasparino breaking stories on this right left.
