The battle between the NYSE and Nasdaq for listings has been less gripping in recent years, taking a back seat to the rise of other exchanges and dark pools. But as both exchanges aim for transformational deals to seal their future prosperity, the need for listings remains acute, and both have stepped up their game.

It all comes down to the ancillary services the exchange can provide, in the realm of public relations, investor relations, marketing, advertising, compliance and even lobbying, notes the New York Times.

Regulatory changes have made it easier to switch listings; companies defecting from the Big Board no longer need approval from two-thirds of shareholders, and stock symbols are now portable.

Nasdaq made gains from 2005 to 2009, but the NYSE fought back last year and notched some big conversions. It won $37 billion in market value to Nasdaq's $10 billion, its biggest yearly gain since 2002, the Times notes.

And the stakes have been raised by the fact that there are simply fewer public companies to go around. So, existing issuers and foreign companies can count on being pitched.

The NYSE has long coveted a big standard of the technology industry. It has been thought to be reserving the stock symbol "M" for Microsoft. It might be reserving "G" and "A" as well.

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