Nasdaq CEO Adina Friedman discusses market fragmentation across U.S. equities trading venues created by Regulation NMS.
Assertion Partly supported
Friedman: Six investors generated 33% of all US proxy proposals
“It's a terrible fact, but it's a fact, is that six small investors generated 33% of all proxy proposals in the United States last year.”
Opinion
Friedman: Abundant late-stage private capital is delaying tech IPOs
“Personally, I think, yes, the answer is yes, that is definitely having an impact.”
Opinion
Friedman: Lack of short sale disclosure is totally wrong
“Ignorance is not bliss here, you know, and it's really, it's just that information disparity to me is just totally wrong.”
Opinion
Friedman: Vested financial interests preserve manual face-to-face IPO roadshows
“I think that there are, to be honest, a lot of vested interests in the people who control the process to make it so that they manage the relationships with the investors, and they put you in front of those investors, and that the investors do have a chance to …”
Prediction Held up
Nasdaq proposes allowing stock issuers to opt out of National Market System
“One of the things that we are preparing, and we've wrote in our blueprint, is to create, give an issuer a choice. They should be allowed to choose which market structure they want to embrace, so they can choose to be in the national market system, or they coul…”
Insight
Friedman: Missing the first post-IPO quarter destroys investor confidence
“That first quarter after your IPO is an incredibly critical quarter. So I know I'm sitting there saying have the long term and everything else, but when you are preparing for your IPO, you're giving analysts essentially a forecast of your business for the next…”