Proposals for Reforming Capital Markets
Nasdaq's commitment to capital markets reform includes specific proposals outlined in the documents below.
Specifically, Nasdaq is promoting legislative and policy reforms for Market Structure, Proxies, Litigation, Taxes, Long-Termism, and the Choice Act.
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Come back to this section for ongoing coverage of Nasdaq's efforts to evolve the U.S. Capital Markets ecosystem.
- "Nasdaq's Blueprint for Market Reform" — The Voice of the Investor Relations Profession (NIRI)
- "We Talked to the President of the Nasdaq Stock Exchange about IPOs, IEX, and How to Revitalize the Market — The Business Insider
- "Nasdaq Talks to the Equity Dealers Association about: Incentivizing EGCs to Go Public and Providing More Opportunties for Individual Investors" — Nasdaq Listing Center
- "Nasdaq Sides with Snap in Voting Rights Debate" — Institutional Investor
- "Nasdaq CEO Adena Friedman on the Future of Financial Technology" — Bloomberg News
- "Nasdaq's Blueprint for a New Era of Trading" — Wall Street Journal
- "Blueprint for a New Market: Nasdaq CEO" — CNBC Squawk Box
- "Nasdaq CEO: We Support Lowering the Corporate Income Tax" — Wall Street Week with Maria Bartiromo
- "Evolving the Capital Markets Ecosystem" — Milken Institute Article
- "Nasdaq CEO on Evolving Capital Markets" — Bloomberg TV
Reconstructing the Regulatory Framework
Regulations enacted during and in the immediate aftermath of the 2008 financial crisis accomplished some important goals, but nearly a decade later, there is broad agreement that our regulatory patchwork is outdated and, in some cases, arbitrary.
Nasdaq proposes solutions such as reforming the proxy proposal process to reduce the burden on companies, and comprehensive tax and litigation reform. All of these steps will free up resources so that companies can focus on innovation, growth, and job creation, rather than on red tape and unnecessary distractions.
Modernizing Market Structure
In recent years, U.S. equities markets have benefited from enormous technological advances. However, the regulatory infrastructure upon which our markets are built has not kept pace.
Technology gives us new tools to make markets work better. We need to consolidate liquidity for lower-volume issuers, allow for flexible tick sizes, and consider a broad range of updates that would bring our markets into the 21st century.
One of the greatest threats to modern markets is the rising pressure to think and plan around the trading day and quarterly report, rather than to invest in sustainable long-term growth and profits. The rise of short-termism harms companies, investors, and the broader U.S. economy.
In addition to increasing the flexibility of reporting obligations, Nasdaq supports enhancing transparency around activist investing, equalizing short interest transparency, and we continue to believe that dual class structure is critical to attracting the most innovative and growing companies to participate in public markets
|Congressional Meetings on Revitalize Blueprint, Washington, DC, USA
||July 19, 2017
|NIRI Southwest Regional Conference: Three Dimensions Panel, Dallas, TX, USA
||August 24, 2017
|SMARTS Conference, Chicago, IL, USA
||September 6, 2017
|Security Traders Association Annual Conference, Washington, DC, USA
||September 14-16, 2017
|Financial Markets Quality Conference, Washington, DC, USA
||September 17, 2017
|The Economist: "Future of Finance Conference," New York, NY, USA
||September 28, 2017