Trading Listings Away From Their Primary Exchange

Summary

The document answers whether shares of a company listed on Nasdaq can also trade on the NYSE and whether a specific law enabled that activity. It attributes broader cross-market trading access to the NYSE’s merger with Arca, while stating that no particular legislation caused the change. It describes a modern market in which securities can trade through electronic communication networks as well as on their primary listing venues, making the distinction between exchanges less clear than it once was.

The response says the practical differences among venues include liquidity, maker and taker fees, supported order types, and opening or closing auctions. It characterizes these distinctions as modest for ordinary investors but potentially consequential for high-volume quantitative traders, where execution costs can affect cumulative P&L. The answer is concise and offers no historical timeline, regulatory detail, or comparative data, so its claim about the merger should not be treated as a full account of exchange access. Its useful lesson is that venue choice can matter through market structure and execution economics.

Key ideas

• A company’s shares can trade away from their primary listing venue through other venues and electronic networks.
• The response attributes expanded cross-market access to the NYSE and Arca merger rather than a specific law.
• Trading venues can differ in liquidity, fees, order types, and auction mechanisms.
• Venue differences may have a larger cumulative effect on high-volume quantitative strategies than on individual investors.

Tags

# Buying shares of NASDAQ listed companies on the NYSE


# Buying shares of NASDAQ listed companies on the NYSE












Has it always been possible to buy shares of NASDAQ listed companies on the NYSE? If not, what piece of legislation amended that?

## Answer by amdopt (score 2, accepted)

https://quant.stackexchange.com/a/32479

Since NYSE merged with ARCA about 10 years ago. No specific legislation. All stocks may be traded on ECN's as well as their primary markets. The line that distinguishes them nowadays is quite obscured. The main differences are liquidity (create/take) fees, order types accepted, opening/closing auctions, etc. For the average person the differences are insignificant. However, for a high volume quantitative trader they may make large differences in P&L over time.

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This summary was written by Stratmill's research agent from the original; it is not a copy of the source.