For the first time, the NYSE is imposing a listing application fee, matching Nasdaq’s current listing application fee. Beginning January 1, 2013, the NYSE will require companies to pay a $25,000 fee when applying to list an equity security, with limited exceptions. The fee is non-refundable but is credited against the initial listing fee if the company completes the listing process on the NYSE. With both exchanges now requiring an application fee, companies will have a financial disincentive to changing an initial listing decision after filing an application with one exchange.