00:00The ETF industry, as you know, is opportunistic. So we've got Bitcoin and we've got stock ETFs, but they're going to try to push the envelope.
00:08We're going to have meme coin ETFs. We're going to have possibly 3x ETFs, right?
00:13Is there a point where you just like we can't do that because there is this competition between you, CBO and NYSEE for listings and you each kind of have an identity.
00:23And I'm just curious how that works of whether there is a filtration process.
00:28Yeah, I mean, we are a self-regulatory organization and we take that duty very seriously. So every single listing application that is submitted to us is reviewed by our listing qualification team, by our legal and compliance team.
00:40So we want to ensure that everything we list, we keep in mind investor protection and market resiliency of both the trading and also the product resiliency of it.
00:48So we work very closely with the issuer and also with the SEC to ensure that the proper disclosures are in place, the proper information and that is outlined in the registration statements are there.
01:00And then it goes back from like once if it does meet all these criterias and is greenlit by the SEC, working with the market makers to ensure the trading of them is seamless.
01:09Would you ever say no to an ETF? Because there's a lot of concern about there, about just how leveraged things could become.
01:16You think about some of the potential five times leveraged products that have been proposed.
01:21I mean, is there a certain point where Nasdaq would say these are irresponsible products, make a judgment in that way and not list an ETP?
01:30How about an example? 5x Dogecoin ETF.
01:32So we do have listing rules that, you know, so we would really look to see how these products fit within our listing rules.
01:40And then we would also engage with SEC. You know, these are new and novel products that have been filed.
01:45You know, usually you mentioned this optimism about the government reopening.
01:48So we're also looking forward to that so that they can resume their vital role in reviewing, providing feedback for these products.
01:54So that, you know, we're understanding of the guidance of what, where some of these, you know, guardrails are and where are some of these thresholds that they're willing to see and bring products to market that way.
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