A generation ago, the choice of where to list was closely tied to where a company’s peers and sector traded. But as U.S. market structure evolved, that relationship fundamentally changed. Today, a company’s shares can trade across multiple venues throughout the day, with orders routed across the market in search of the best available price, regardless of where the stock is listed. That evolution has changed the question companies should ask when choosing a listing venue. It is no longer simply, “Where should our stock trade?” Increasingly, it is, “Who do we want as our partner in the publicmarkets?” The answer matters. A listing venue should deliver more than a place for a ticker.
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