Rushing Out of Arca

Central JerseyEDISON Mack-Cali Realty announced last week that it plans to voluntarily withdraw the secondary listing of its common stock from NYSE Arca Equities, formerly the Pacific Exchange (PCX). The real estate investment trust’s common stock will continue to be listed on the New York Stock Exchange, the company’s principal listing exchange.

Following NYSE Group’s acquisition of the PCX last year, companies that had been listed on the PCX were listed on NYSE Arca. Mack-Cali’s board of directors determined that it was no longer necessary to be listed on two affiliated domestic exchanges and voted to withdraw from NYSE Arca in order to reduce duplicative administrative expenses and costs.

Mack-Cali is one of more than 140 companies that have sought to eliminate their duplicate exchange listings in the past several months, according to the NYSE. More than 40 companies, including Verizon Communications, Wal-Mart and Freddie Mac, withdrew their secondary listings in December alone.

The primary listing of Mack-Cali’s common stock on the NYSE will not be affected by the delisting from NYSE Arca. Late last week, the company’s shares were trading at around $51 with a 52-week range of $42.17 to $55.37.