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.
Featured: Nelson Griggs, President of the Nasdaq Stock Exchange
Revitalize Markets: Wealth creation and job growth depend on more companies going public. Let's revitalize our capital markets.
Come back to this section for ongoing coverage of Nasdaq's efforts to evolve the U.S. Capital Markets ecosystem.
- Nasdaq CEO on making the U.S. public markets more competitive: TD Ameritrade Interview – “Real Talk with JJ Kinahan”
- The Long and Short of Unfair Trade Rules -- The Hill
- "U.S. House of Representatives Passes Proxy Advisory Firm Reform Legislation" — MarketInsite
- "A More Concentrated Market Would Help IPOs" — Wall Street Journal
- "Nasdaq Stock Exchange President on Why Some Companies are Waiting to go Public" — Yahoo Finance
- "Small Companies Being Regulated the Same Way as Large Companies" — CNBC Europe
- "Nasdaq Sides with Snap in Voting Rights Debate" — Institutional Investor
- "Blueprint for a New Market: Nasdaq CEO" — CNBC Squawk Box
- "Evolving the Capital Markets Ecosystem" — Milken Institute Article
- Nasdaq CEO: We Support Lowering the Corporate Income Tax" — Wall Street Week with Maria Bartiromo
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accomplished some important goals, but nearly a decade later, there is broad agreement that our regulatory patchwork is outdated and, in some cases, arbitrary.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.
- Webinar with Representative Sean Duffy: Reforming the Proxy Advisor Industry
- Robust Support for Proxy Advisory Firm Reform
- Tax Reform: Insights from Top Tax Policy Staffers on the Hill
- SEC Extends Confidential Filings to all IPOs
- Proxy Advisory Reform: Results of joint Nasdaq-Chamber survey on 2017 proxy season
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