The Company enables users to discover new releases, which includes the latest singles and albums playlists, which includes ready-made playlists put together by music fans and experts, and over millions of songs so that users can play their favorites, discover new tracks and build a personalized collec tion. Companies with a preference would go with one exchange over the other “because if you wanted to spell out a word on your ticker symbol, it’s easier with four letters than three.Spotify Technology SA a Luxembourg-based company, which offers digital music-streaming services. “It used to be that NASDAQ used four letter tickers and the NYSE only used three letter tickers,” explained Robert Whitelaw, professor of finance at NYU’s Stern School. Sometimes, companies have particularly “soft” reasons.

“For example, they’ll often provide assistance with corporate governance issues.” Others will have special programs for smaller companies that may not otherwise qualify to list. “Many exchanges provide services to their issuers,” said Larry Harris, professor of finance at the USC Marshall School of Business. Softer areas like which exchange gives you the most freebies. So, said Angel, “you make the decision on ‘softer’ areas.” On top of that, even if you register with one place, your shares can usually still be traded somewhere else. But these days, “markets are mainly electronic and their mechanisms are so similar you need an electron microscope to see any differences in market quality between them,” he said. “In the old days, people would look at differences in trading costs and each market would argue their market mechanism was better than the other,” said James Angel, associate professor of finance at Georgetown’s McDonough School of Business. In the United States there are about thirty stock exchanges of different kinds, the main ones being the NASDAQ and NYSE. So how exactly do companies choose what exchange to list on? But despite all this consolidation of ownership, there will still very likely continue to be a variety of stock exchanges to choose from. In the U.S., the company that owns the NYSE is also considering one or more acquisitions. Two of Europe’s big stock exchanges, the London Stock Exchange Group and Gemany’s Deutsche Borse, agreed to merge into Europe’s biggest stock exchange operator.

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