Jane Martinson
Share World
What do a swimsuit model, a lion and a bucketful of slime have in common? They have all featured on the most widely watched event on American TV – the opening bell of the New York Stock Exchange (NYSE).
Increasing share ownership and financial awareness in the United States has meant that the viewing figures for the daily ritual which opens the world’s largest stock exchange dwarf any other event.
Since 1995, when the exchange first allowed the ceremony to be broadcast live, 22 television stations have had cameras near the bell.
Two weeks ago, CNBC and CNNFN set up reporting desks in the exchange for the first time.
Such attention has tempted more and more companies to use the opening bell for marketing stunts, particularly to publicise an initial public offering.
On the last day of August and in what some fear could be the dog days of the bull market, it was the turn of Westin hotels, a division of the Starwood Group.
As Barry Sternlicht, Starwood’s chair, threw baseball caps down to the traders on the floor, pyjama-clad models lounged on 20 double beds outside. The company is spending $30-million putting new beds into 39 500 American hotel rooms.
“We’ve seen a lot more of these events as the market has gone up and more companies have listed,” one trader said.
His favourite was the appearance of a live lion on the exchange floor to publicise the listing of South African gold company Anglogold.
Others remember the beach volleyball nets put up by SAP, the German computer group, or the slime poured over senior executives of Viacom, the media group.
Few could remember what such escapades were meant to advertise, although several traders did remember the model brought in to publicise the swimsuit edition of Sports Illustrated.
Sue Brush, brand manager for Westin, said that the group had applied to ring the opening bell several months ago.
“It’s a highly sought after slot,” she said, praising it as an “unorthodox way” to reach the financial community as well as a much broader audience.
The exchange, which employs several full- time staff to work on the opening events, also recognises the value of publicity in its attempt to gain wider recognition. Richard Grasso, the exchange chair, has publicly declared his support for the NYSE to list later this year.
Tomorrow the board is expected to vote on whether to change to a for-profit company with its own shareholders.
The plan suffered a setback earlier this week when the chair of the Securities and Exchange Commission, which has to approve the move, expressed “serious reservations”.