00:00We have a great relationship with the Singapore exchange. We've been a two-decade partner on the technology side, and we have really worked very hard to help them advance their markets.
00:09We've had different dual listing programs with them, but this one's special. I mean, this one is different.
00:14The most important difference is if you look at it from the point of view of the issuer itself, these great growth companies that are here in Asia,
00:22they want to be able to be able to tap the domestic markets here and domestic investors while also tapping global investors in the United States.
00:29But today, they have to go through two different regulatory processes to do that.
00:33Under this agreement, MAS and the SEC have come together to say, let's create one experience, one regulatory process to be able to tap two markets.
00:41It's the first of its kind, and we're very excited to be partnered with SGX, but also with, and we've brought the whole ecosystem together.
00:48There's investment dollars going to be committed to this through the Singapore Investment Funds,
00:53as well as a regulatory framework that we think is really unique that is going to make it so that these great tech companies
00:59and great growth companies, healthcare, tech, others, will have access to both markets simultaneously.
01:03How much of a boost will it give the NASDAQ versus other IPO markets like, you know, the UK, London, as well as Hong Kong?
01:11Well, we actually see this as a great opportunity for us to differentiate ourselves from everyone, both SGX and NASDAQ,
01:19to make it so that we can bring these great Asian companies and companies with a real Asian connection
01:25and expose them to the depth and the liquid markets that we have in the United States,
01:30the depth of those investors that really understand these companies and can really put their capital behind them,
01:35and at the same time enable these companies to be a part of the domestic market,
01:39to get access to that great capital that's here in Asia, and do that in one, with one seamless experience.
01:45So we're very excited about it. We do think it's differentiated from anything that's out there today.
01:49And as you try to boost the IPO market, of course, President Trump has weighed in.
01:52He wants regulations to be eased when it comes to listings.
01:57Where are we with that, and what conversations are you having?
02:00Yeah, so making IPOs great again is something that we really care a lot about,
02:03and we're very excited because we've been advocating for a lot of the changes that, in fact, the administration has been discussing.
02:11And so as we see the opportunity for us to think differently about disclosures, the timing of disclosures,
02:16does every company need to have a quarterly report, or can there be semi-annual reports or other reporting regimes that can exist?
02:24Is that one-size-fits-all model really the right model for every company listed in the United States?
02:29And we don't think that is the case. We think there is an opportunity to be more flexible there.
02:32The fact the administration is weighing in on proxy reform is so exciting because that is one of the most onerous parts of being a public company today,
02:41is managing the proxy process and the lack of oversight that the proxy advisors have from the regulators.
02:48So we're very excited to see the opportunity to make some changes there.
02:51And then the third area that the SEC is focused on is litigation reform.
02:55Allowing companies to file to go public with a mandatory arbitration clause as opposed to subjecting them to class action lawsuits
03:03is an incredible innovation that we hope that the SEC is able to implement.
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