Graduated Security - This is the term used for referring to when an equity security firm decides to move its stock listing from one stock exchange to another. There are a variety of reasons why any given firm would feel there are advantages to changing where it is listed. A decision to change may be motivate by such issues as the appeal of more prestige with a different exchange. In such cases the firm may feel this will lead to increased activity on the part of traders. Or it can feel it will benefit from the extra publicity.
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