State Street Boston Corp. last week applied for membership in the New York Stock Exchange after a year of wild price swings on Nasdaq.
Citing the constant revaluations endured in 1994, the bank said it was time to head to the NYSE after many years of over-the-counter trading.
While not directly blaming Nasdaq for the problem, the bank said it hoped the listing on the more prestigious NYSE would bring with it the desired price stability.
Other considerations in the decision were global investors who asked the bank to switch to NYSE for its prestige and name recognition, said David Spina, vice chairman of the bank.
Federal investigations into price fixing among Nasdaq market makers had nothing to do with the switch, Mr. Spina said.
The NYSE is expected to rule on admission by mid- to late February.
If State Street is accepted, only eight of the top 50 U.S. banks would be left on Nasdaq: Boatmen's Bancshares, Fifth Third Bancorp, U.S. Bancorp., Huntington Bancshares, Northern Trust Corp., Meridian Bancorp, Midlantic Bank Corp., and SouthTrust Corp.