Charles Schwab to Sell Its Seats on the NYSE
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Discount brokerage Charles Schwab Corp. said Thursday that it would end its membership at the New York Stock Exchange after the sale this year of a business that provided market making in stocks as well as research and institutional trading.
San Francisco-based Schwab said it would sell three memberships, or seats, on the NYSE.
The company said it would route customers’ trades to the NYSE floor through an agreement with brokerage UBS.
“Following our exit from the capital markets business, we no longer have a business need for the NYSE seats,” a Schwab spokesman said.
Schwab’s own shares will remain listed on the NYSE. They slipped 6 cents to $11.95 on Thursday.
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