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TWITTER IPO LIVE: Twitter stock debut imminent

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— 10:10 a.m.: AP market reporter (at)KenSweet explains the role (at)Barclays has in (hash)TwitterIPO.

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Trading for Twitter’s stock is under the supervision of Barclays Capital. Twitter hired the bank to be its "designated market maker." A DMM supervises the trading of a company’s stock. He or she is an experienced trader in charge of ensuring that buying and selling go smoothly. If trading becomes volatile, the DMM can step in and buy shares using his or her firm’s own money.

DMMs are especially important the day a company goes public, because the DMM coordinates between Twitter, the company’s investment banks and NYSE’s floor traders to get a stock trading. If technical problems arise, the NYSE uses DMMs to bypass electronic trading systems, allowing humans to trade a company’s stock. That is not possible on all-electronic stock exchanges such as the Nasdaq, which had technical problems during Facebook’s IPO last year.

Barclays’ role as Twitter’s DMM does not mean it is in charge of the entire IPO process. That role falls to Twitter’s investment banks: Goldman Sachs, Morgan Stanley and JPMorgan Chase.

Read more: http://bigstory.ap.org/article/twitter-picks-barclays-coordinate-ipo-trading

— Ken Sweet, New York, (at)KenSweet


— 10 a.m.: (hash)TwitterIPO first indication for opening price: $42-46.

That means Twitter could start trading at up to 77 percent above its IPO price. Trading is to begin soon as representatives from Barclays continue negotiations to find the right price.

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story continues below

— Ken Sweet, New York, (at)KenSweet


— 9:50 a.m.: With the (hash)Ring of the (hash)NYSEBell past, what will happen? (at)KenSweet reports.

Traders gather around Twitter’s booth on the floor of the New York Stock Exchange. At Twitter’s post, the company’s "designated market maker" starts taking orders from the traders, who are representing dozens of firms and hundreds of investors.

The goal of the DMM, who used to be known as the NYSE’s specialists, is to figure out what is the best price to start trading Twitter’s shares.

Due to massive investor and media interest in Twitter, the actual negotiation over what are the right price for Twitter’s now-public shares will take some time. It could take as little as 20 minutes, or it could take an hour. The NYSE wants to avoid the trading debacle that Nasdaq faced with last year’s Facebook’s IPO, so it’s going to be careful.

Read more: http://bigstory.ap.org/article/going-public-how-twitters-ipo-will-work

— Ken Sweet, New York, (at)KenSweet


— 9:40 a.m.: The market is open at (at)nyse, though Twitter’s stock won’t trade right away.

RT (at)NYSEEuronext: (hash)RING! Markets OPEN. (hash)NYSEBell has rung, now begins (hash)TwitterIPO price discovery. Wait for it . pic.twitter.com/gPxGgB6QWa

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