00:00Now, I spend a lot of time talking to tech CEOs and investors, venture capital here in Europe,
00:04and one of the constant questions is, how do we keep our European entrepreneurs from migrating
00:10and listing on the NASDAQ or the S&P, listing on the New York Stock Exchange?
00:15What conversations are you having along those lines?
00:17You plan us listed in the US, that's a success for you, that was a miss for us, arguably.
00:23What's the pipeline looking like?
00:25Just to let you know, we do have markets that we operate here in the North.
00:28Yes, you do, you do.
00:29We are part of the European landscape and the European story.
00:31So every issuer, they're going to make decisions based on the strategic factors
00:36and what's, if you will, individualistic to them and what they need and how they see the markets.
00:41So there's not a one-size-fits-all.
00:43The second is Sweden is a great blueprint.
00:45We're really proud of what we've been able to do in Sweden.
00:48A lot of activity in Sweden.
00:50Incredible.
00:50We're so proud of what we've been able to do in Sweden.
00:53There's three primary factors to that.
00:54One is retail.
00:55Retail is highly engaged in the market.
00:57It's the second, if you will, second largest market in terms of retail participation behind the U.S.
01:02So it is an equity-loving culture.
01:05They've put a really constructive tax regime in place.
01:07They have investment savings accounts that really motivate and send retail to go into the market.
01:13And you have a really constructive regulatory and government backdrop to that.
01:17And then the pension funds are there to anchor and support liquidity in their market.
01:22As a result of that, just a few stats, because you talked about it, is 60 percent of the capital raise this year across the EU has been in Sweden.
01:29We've had five of the top ten IPOs.
01:32And then we had Verishul, which is the largest IPO in the last three years, 3.2 billion euros we raised.
01:38So that's just an incredible model that we think is a blueprint for the market.
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