This past November, Nasdaq Inc hired a helicopter to film Manhattan's skyline using Snapchat's new video-camera sunglasses and sent the aerial footage to its social media followers.
The New York Stock Exchange - its arch-rival - on the same day tweeted a video shot from the floor of its exchange, showing that it too was using the social media giant's gadget.
The scramble to promote Snapchat's "spectacles" is revealing the fierce competition between the two exchanges to host initial public offerings (IPOs) of prominent technology start-ups.
Experts say the contest is less about the fees exchanges generate from such listings than it is about bragging rights.
"Sometimes exchanges go to relatively extraordinary lengths in order to attract a high-profile new listing," said Lise Buyer, a principal with the IPO advisory firm Class V Group.
Snap Inc, Snapchat's parent company, is eyeing a spring debut that may peg its value as high as $25 billion, sources have told Reuters. It would be the biggest US tech IPO since Facebook Inc in 2012.
The listing would likely only generate a few hundred thousand dollars in annual fees, but Snap's IPO carries prestige that could help an exchange win future business.
The popular messaging service is just one of many private technology companies expected to go public in the next year or two, including peer-to-peer lodging company AirBnB Inc and streaming music service Spotify Ltd.
"Competition among the exchanges is fierce and winning large, marquee companies can have a halo effect that results in future listings business," said Alex Wellins, co-founder of IPO advisory and investor relations firm Blueshirt Group.
Snapchat is discussing a potential listing with both Nasdaq and NYSE, which is owned by Intercontinental Exchange Inc, and has not made a decision yet, people familiar with the situation told Reuters. Snapchat, Nasdaq and NYSE declined to comment.
Exchanges, much like investment banks, often begin courting high-profile companies long before they are ready to list.
Nasdaq and NYSE compete over their technology, fees, reputation and support services for investor and public relations.
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