Here’s how real estate stocks are faring in Wall Street chaos
The future of New York Stock Exchange may still be unclear, with both Nasdaq and Intercontinental-Exchange battling for control, but it appears that its landmarked, 219-year-old home is probably safe. According to the New York Times, both bidders have vowed to keep the historic trading floor open, despite a clear shift in the industry towards electronic trading. Robert Greifeld, CEO of the entirely electronic Nasdaq exchange, has previously expressed doubts over whether a physical venue is needed, but now acknowledges “the ceremonial value to listed companies” of being able to list their shares and see their executives ring the opening bell on television. “We will want to keep that aspect of it,” he said. Still, “there is nobody there during the day. The floor is desolate. It is embarrassing how empty it is,” Greifeld said. “You have an empty cavernous building. Now the question is, ‘how do you fill it back up?’” A shareholder vote set for July will ultimately determine the Exchange’s fate. [NYT]
