New York Exchanges Tout Patriotic Role In Ads Laden With Symbols of Capitalism
By VANESSA O'CONNELL and KATE KELLY
Staff Reporters of THE WALL STREET JOURNAL
October 29, 2001
Intent on reassuring Americans about the resilience
of the economy, the three major stock exchanges
are filling the airwaves and publications with a new
series of advertisements laden with the words and
symbols of capitalism.
"Of all the things America produces, the most
important is opportunity," proclaims one new print
ad breaking Monday for the American Stock
Exchange. In its first major ad campaign in recent
history, the Amex also will air three new TV
commercials, all set in New York City, about the
glories of the potential for wealth.
"Large companies ... small companies. ... We're equal-opportunity capitalists," says one of the
commercials, from Omnicom Group's DDB Worldwide. It features an enormous electronic ticker tape.
The spot ends with the exchange's new marketing mantra: "Opportunity, made fresh daily."
The stock exchanges want to remind consumers of their role in the economy and its recovery. The
patriotic tone marks a tactical departure for the three major stock exchanges -- the New York Stock
Exchange, the Nasdaq Stock Market and the Amex. In the past, they mostly used ads to tout their
trading platforms to corporations, and to woo consumers to trade shares of the corporations they list.
But they also are looking to promote their brands at a time when competition among them is growing
increasingly intense. Of the three, Amex is the smallest and least known, although it has been trying to
make a name for itself in the past year. The NYSE and Nasdaq, meanwhile, have been using Madison
Avenue techniques to pitch their own brands.
The NYSE, home to the country's biggest publicly traded companies, had been running flashy
commercials showing scenes from the trading floor. But after the Sept. 11 terrorist attacks closed the
exchange for four days and then sent stock prices reeling, the NYSE changed course.
Chairman Richard Grasso grabbed the spotlight, delivering patriotic speeches to the news media.
Shortly thereafter, NYSE advertising took a similar tack, giving a starring role to its opening bell. In the
weeks that followed, the exchange became one of the country's most aggressive financial advertisers.
The NYSE ads won kudos from some members of Congress, with one ad being read aloud on the
Senate floor.
Now, the NYSE intends to break a second TV spot, this one with a theme about moving forward.
Shot in three New York City boroughs, the new commercial, from Omnicom Group's BBDO
Worldwide, may make its debut during the World Series. The spot is likely to feature shots of a New
York policewoman and the exchange's majestic building on Wall Street, draped in a gigantic American
flag.
The NYSE wants to finish the ad by early this week in time for its possible broadcast during the World
Series games. Robert Zito, executive vice president for communications at the NYSE, says, "This
execution is focused on the strength of American business. It quietly reinforces the fact that we've been
here for 209 years, and plan to be here in the future."
Nasdaq began advertising a new message on TV late last month, when it started running spots --
showing its Midtown location known as MarketSite -- from Havas Advertising's McKinney & Silver.
Nasdaq's 1 Liberty Plaza headquarters was so close to the devastation in lower Manhattan that
Nasdaq might now move to Midtown.
The current ad touts the logos of about a dozen well-known corporate names such as Microsoft and
Costco Wholesale, which trade on Nasdaq, and ends with a message praising companies everywhere
that have given to the U.S. in a time of need. Later this year, Nasdaq intends to break an ad using a
similar setting, but featuring the brands of the life-sciences sector, such as Amgen and Immunex.
Nasdaq is in the process of spinning off from its longtime parent organization, the National Association
of Securities Dealers, and plans to undertake an initial public offering of stock as early as next year. The
Amex, which merged with the NASD in 1998 and was considered Nasdaq's sister market for a brief
time, also intends to break away from the NASD as soon as is feasible.
One of the new Amex commercials is shot in front of its stately headquarters, just blocks from the site
of the World Trade Center attacks. Because of its proximity to the wreckage, the Amex floor was
unusable for several weeks, forcing its traders to work temporarily on the floors of rival exchanges in
New York and Philadelphia. "We've put two years into revamping the business," says Sal Sodano,
Amex chairman. "We want the ads to reflect the fact that we aren't the same player we were in the
past."
Write to Vanessa O'Connell at vanessa.o'connell@wsj.com and Kate Kelly at kate.kelly@wsj.com |
