Charles Schwab announced today that it would be bidding adieu to NYSE, as its new home will be on the Nasdaq, the Associated Press reports.

Schwab, which has been on the NYSE since 1987, will officially stop trading there this Monday. It will then solely be listed on the Nasdaq under the ticker "SCHW."

Charles Schwab, founder and chief executive of Schwab, said the reason for the move is to put Schwab on an exchange that is known for "innovation and a focus on leveraging technology."

Schwab is the second firm to cease dual listings on the NYSE and Nasdaq and trade only on the latter, as Cadence Design Systems Inc, was the first to do so back in October.

"We are delighted to be more closely associated with Nasdaq and its impressive groups of listed companies," Schwab said in a statement. "After a duel listing trial of almost two years, we are convinced of Nasdaq's commitment to a highly competitive, well-regulated marketplace that is optimal for trading our stock.

Nasdaq President and CEO Bob Greifeld said, "Schwab's philosophy is in keeping with Nasdaq's mission, which is to provide the fairest, most efficient and transparent stock market possible for investors."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.