纽约证券交易所和纳斯达克股票市场多年来一直在争夺最热门的新上市公司，试图互相超越，向企业推销其制造声势的能力，并提供户外广告牌和盛大晚宴等福利。最近，这场竞争已不成其为较量。
The New York Stock Exchange and the Nasdaq have spent years trying to outdo each other as they compete for the hottest new listings, pitching companies on their ability to generate buzz and offering goodies such as billboards and lavish galas. Lately, it isn’t much of a fight.
据Dealogic数据，截至周五，纳斯达克股票市场今年已赢得59家公司的上市，通过传统首次公开募股（IPO）募集资金近1200亿美元；而纽约证券交易所仅获得32家公司上市，募集资金200亿美元。
The Nasdaq stock exchange has won listings of 59 companies, raising nearly $120 billion in traditional IPOs so far this year through Friday, according to Dealogic, while the NYSE has landed 32 companies, raising $20 billion.
在纳斯达克的战果中，860亿美元来自SpaceX，这是历史上最大的IPO。如果人工智能巨头Anthropic下个月正式选择纳斯达克进行其计划中的IPO，纳斯达克的募资总额还可能增加约1000亿美元。
Of Nasdaq’s haul, $86 billion comes from SpaceX, the biggest IPO in history. It could add another $100 billion or so to its tally if artificial-intelligence giant Anthropic officially selects the Nasdaq for its planned IPO next month.
一些纽约证券交易所官员私下抱怨，纳斯达克决定加快将SpaceX等大型新上市公司纳入其热门的纳斯达克100指数，使得纽约证券交易所几乎无法竞争。雪上加霜的是，旨在挑战纽约双寡头垄断的德克萨斯证券交易所今夏开市交易，并开始吸引现有上市公司转板。
Some NYSE officials privately grouse Nasdaq’s decision to fast-track the addition of large newly public companies like SpaceX to its popular Nasdaq-100 index made it all but impossible to compete. Adding to the pain, the Texas Stock Exchange, a tiny upstart aiming to challenge the New York duopoly, opened for trading this summer and is beginning to lure away existing listings.
自2022年起担任纽约证券交易所总裁的Lynn Martin并未放弃。她一直向协助她争取大型IPO项目的同事反复强调一句口号：在敲钟之前，一家公司仍有可能被争取。
NYSE President Lynn Martin, who has held the role since 2022, isn’t giving up. She has been repeating a motto to colleagues helping her pitch for big IPOs: Until the bell is rung, a company is still up for grabs.
据知情人士透露，Martin已任命一位新的美国资本市场主管，而该交易所的产品主管已离职。其中一位知情人士表示，预计很快将有更多新员工加入，以增强其上市业务的实力。
Martin has installed a new head of U.S. capital markets, according to people familiar with the matter, and the exchange’s head of product has left. Additional hires meant to add firepower to its listings business are expected to join soon, one of the people said.
纽约证券交易所成立于1792年，传统上是蓝筹股公司的归宿，在华尔街被称为“大板”。纳斯达克成立于1971年，在1980年代和1990年代因上市苹果和亚马逊等初创科技公司而声名鹊起，这些公司后来成长为巨头。
The NYSE, founded in 1792, was traditionally the home of blue-chip companies and is known as the Big Board on Wall Street. The Nasdaq, which dates back to 1971, made its name in the 1980s and 1990s by listing scrappy tech startups like Apple and Amazon.com before they became giants.
自2019年以来，纽约证券交易所（NYSE）在新上市公司数量上一直落后于纳斯达克，而今年的差距在首次公开募股（IPO）融资量方面已创下有纪录以来的最大值。纽约证交所上一次在融资额至少50亿美元的IPO项目上击败纳斯达克，还是2019年优步（Uber）的上市。
While the NYSE has trailed the Nasdaq in new listings since 2019, this year’s gap is already the widest on record in terms of IPO volumes. The last IPO that the NYSE won over Nasdaq that raised at least $5 billion was Uber’s, in 2019.
今年以来，纳斯达克公司（Nasdaq Inc.）和纽约证交所母公司洲际交易所（Intercontinental Exchange）的股价均基本持平。上市公司数量减少以及交易业务利润率微薄，迫使两家交易所寻找新的增长点，包括金融科技和数据服务。但争取大型新上市项目仍是双方的重中之重，热门上市带来的声势能提供无价的营销效应。
Shares in Nasdaq Inc. and in NYSE’s owner, Intercontinental Exchange, are both little changed so far this year. The shrinking number of public companies and tight profit margins in the trading business have forced both exchanges to find new areas of focus, including fintech and data offerings. But winning big new listings remains a priority for both, and the fanfare around buzzy debuts provides invaluable marketing.
在SpaceX上市前，纳斯达克批准了一项规则变更，允许在该交易所上市的大型公司仅在上市后15个交易日即可纳入纳斯达克100指数，而无需等待长达一年。这一举措得益于跟踪该指数的交易所交易基金（ETF），能为股价提供支撑，并带来一批稳定的股东基础。
Ahead of SpaceX’s listing, Nasdaq approved a rule change that allows large companies listed on the exchange to enter its Nasdaq-100 index just 15 trading days after their listing, instead of waiting up to a year. The move provides a boost to stocks and a built-in base of sticky shareholders, thanks to exchange-traded funds that track the index.
相比之下，纽约证交所在指数创设方面起步较晚，直到去年才推出纽约证交所100指数，比纳斯达克100指数推出晚了40年。虽然纽约证交所100指数也允许快速入选，但该指数缺乏广泛关注。市场人士表示，这可能让纽约证交所在吸引大型上市项目时处于永久性劣势。
By comparison, the NYSE was late to the index-creation game, only launching its NYSE 100 index last year, 40 years after the Nasdaq-100’s launch. While the NYSE 100 also allows fast entry, the index lacks a big following. Market professionals say that could put the NYSE at a permanent disadvantage when it comes to attracting big listings.
纽约证交所高管一直在游说企业，主张该交易所提供更低的波动率，并拥有塑造政策的悠久历史。纽约证交所的一位女发言人还引用内部分析称，从纽约证交所转往纳斯达克100指数的公司，其估值出现了收缩。
NYSE executives have been wooing companies by arguing that the exchange offers lower volatility and a long history of shaping policy. A spokeswoman for the NYSE also cited an internal analysis that found that the valuations of companies that left the NYSE for the Nasdaq-100 contracted.
纳斯达克的一位女发言人表示，该交易所“自豪地成为塑造创新经济的企业的首选合作伙伴”，并援引了行业专业知识、品牌知名度和倡导工作等因素。自2017年以来，纳斯达克由首席执行官阿德娜·弗里德曼（Adena Friedman）掌舵。
A Nasdaq spokeswoman said the exchange “is proud to be the partner of choice for the companies that are shaping the innovation economy,” and cited factors including its sector expertise, brand visibility and advocacy work. Nasdaq has been run by Chief Executive Officer Adena Friedman since 2017.
纽约证券交易所发言人表示，“今年以来，有5000亿美元的市值转移到了纽约证券交易所”，其中包括卡夫亨氏和Skydance。交易所通常会为公司提供免费营销和更低的上市费等优惠，以吸引其转板。
The NYSE spokeswoman said “half a trillion dollars of market capitalization transferred to the NYSE, year to date,” including from Kraft Heinz and Skydance. Exchanges often offer companies perks such as free marketing and lower listing fees to switch.
由首席执行官Adena Friedman自2017年起掌舵的纳斯达克拒绝置评。
Nasdaq, run by Chief Executive Adena Friedman since 2017, declined to comment.
纳斯达克也从纽约证券交易所手中夺得了一些上市公司，包括希尔顿全球，该公司周二宣布将转板上市。去年，沃尔玛从纽约证券交易所跳槽至纳斯达克。
Nasdaq has landed some of the NYSE’s listings too, including Hilton Worldwide, which on Tuesday said it was making the switch. Last year, Walmart jumped from NYSE to Nasdaq.
随着总部位于达拉斯的TXSE逐渐站稳脚跟，这两家纽约交易所都在提防后路。美国所有交易量中，不到1%发生在TXSE，但它已从纽约两大交易所手中抢得少数现有上市公司，这是前所未有的壮举，因为过去的后来者一直难以获得牵引力。
Both New York exchanges are watching their backs as the Dallas-based TXSE gains ground. Less than 1% of all trading volume in the U.S. happens on TXSE, but it has snagged a handful of existing listings from the New York exchanges, an unprecedented feat after past upstarts struggled to gain traction.
部分是为了应对TXSE，纽约证券交易所于2025年将其电子股票交易所NYSE Chicago更名为NYSE Texas，并将其注册地迁至得克萨斯州。该交易所还聘请了得克萨斯州州长Greg Abbott的前高级助手Bryan Daniel担任NYSE Texas总裁。
Partly in response to TXSE, the NYSE rebranded its electronic stock exchange NYSE Chicago as NYSE Texas in 2025 and reincorporated it in Texas. It also hired Texas Gov. Greg Abbott’s former senior staffer Bryan Daniel as president of NYSE Texas.