An equity security that has moved its listing from one stock exchange to another, often more prestigious, exchange. By moving to a new exchange, the firm hopes to increase trading activity in its stock and gain some extra publicity. Taobiz explains Graduated Security When a firm lists under a new exchange a few changes occur. For example, the ticker symbol will usually change when the firm begins trading on the new market. Current shares will also be transferred to the new exchange and bear the new symbol. A common security graduation involves a transfer from the American Stock Exchange to either the Nasdaq or New York Stock Exchange.