This Is The NYSE's Plan To Win More Direct Listings
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 9 November 2020
⏱️ 49 minutes
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Summary
This year's stock market boom has coincided with a boom in new listings. There have been plenty of IPOs, numerous SPACs, and an uptick in companies doing direct listings on the exchange. That third category has gotten relatively less attention, but it potentially represents a powerful offering from the NYSE, which unlike many other financial companies, has performed quite well. On this episode, we speak with John Tuttle, Vice Chairman and Chief Commercial Officer at NYSE about how direct listings work, and why the NYSE sees them becoming a much bigger vehicle for going public in the future.
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| 0:00.0 | Join us in Seattle on November 8th for Bloomberg's intelligent automation briefing about transformation in a time of uncertainty. During this special evening event, top business and IT executives will gather to explore ways in which intelligent automation can offset economic |
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| 0:45.0 | I'm Tracy Allaway. |
| 0:48.0 | So Tracy, you know how people talk a lot about how big financial institutions and financial and |
| 0:55.9 | financial stocks in particular just like haven't really done very well lately |
| 0:59.7 | it's been a long time sort of of a seeming permanent state of slump. |
| 1:05.0 | Yeah, I think it's easy to forget in 2020 when we have all these headwinds for the banks |
| 1:11.0 | like loan losses, credit provisions, building up, things like that. |
| 1:16.3 | That even before now there was this big debate about whether we were in a secular or a cyclical downturn for banking, and especially |
| 1:26.2 | investment banking, right? |
| 1:27.3 | You had all these new rules that came in after the 2008 financial crisis and there was |
| 1:31.9 | a lot of talk about whether or not banks could ever get back to the days of making big money. |
| 1:38.0 | Yeah, that's exactly right. Even prior to this year, if you just look at sort of the main financial |
| 1:45.6 | sectors of the S&P lots of questions about financial companies business model |
| 1:50.6 | in an era of mediocre growth, very low interest rates. |
| 1:54.8 | Like, there's just, this has been a sector that people haven't been into for a while. |
| 1:58.7 | Yeah, and of course, ultra-low interest rates don't really help on the lending side either so yeah it |
| 2:05.3 | feels like there have been well there has been a decade of challenges for banking. |
| 2:10.3 | But okay so but also what I said before was kind of a lie because not all financial |
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