00:00I just wonder if you can tell us a little bit more about what brings you to Seoul.
00:03Who have you been meeting and what kind of conversations have you been having?
00:07Well, thanks so much for having me on this morning.
00:10It's great to be with you from Seoul.
00:13I am here speaking with a variety of people within the capital markets ecosystem.
00:21That's everyone from corporate issuers to investors.
00:24And I have the honor of speaking at the National Assembly this morning.
00:30So what were your remarks to the National Assembly and how were they received?
00:37Well, South Korea is such an important relationship for the U.S.,
00:42particularly when you look at the amount of innovation coming out of this market in particular.
00:49So the remarks were really focused on the continuing partnership between the two countries
00:56and the shared lessons between the two countries in terms of capital raising,
01:03in terms of participation in the U.S. markets.
01:09So what's the NYSE's distinct value proposition when it comes to speaking to executives in Seoul,
01:17I mean, or Tokyo for that matter, who are looking or weighing a U.S. crossover or U.S. listing?
01:24Well, if I look at the U.S. markets, they are the deepest, most liquid markets globally.
01:31And they are the home to some tremendous companies, not just headquartered in the U.S.
01:38They are home to some of the greatest companies in Asia in particular,
01:43if you think about Taiwan Semiconductor and a variety of other companies.
01:50And one of the things that we talk to issuers about is the market model
01:56and the way the New York Stock Exchange uniquely fosters responsible innovation.
02:03And we do so in a way where cutting-edge technology is table stakes, if you will.
02:10But importantly, when we're talking to investors from the region,
02:15we talk about the importance of investing for the long term, not just for a single day.
02:23And the value that is accretive to portfolios when you take that approach for investing in the long term.
02:30But doing so amongst the frameworks that have been tried and true
02:34and tested through a variety of periods of volatility, periods of uncertainty,
02:42that has been the case with the New York Stock Exchange leading the way.
02:48In terms of making that long term value proposition,
02:52we've seen a number of changes to regulations, tightening of rules.
02:55There's less appearance of some of these micro caps suddenly appearing in the U.S.
03:00and then vanishing again.
03:01Do you expect that that trend is over?
03:04And are you witnessing any new trends?
03:07Yeah.
03:08At the NYSE, we pride ourselves on being the gold standard of listings.
03:13The micro caps was not something that was uniquely focused on the New York Stock Exchange.
03:20In fact, I don't know that we were the home to many of the companies you've just referenced.
03:27It's why we've been so deliberate in continuing to look at our rule set
03:33and uphold the rules and listing standards that we have.
03:38It's why, when you look at the New York Stock Exchange,
03:40the median market cap of our companies is 15 times that of our closest competitor.
03:47Because from our point of view, it is about providing responsible access
03:53to the best, most well-governed companies around the globe.
03:59Are you seeing a change in attitude at all or appetite in terms of dual listings,
04:04in terms of companies wanting to keep their hometown presence
04:08while at the same time tapping that U.S. depth that you mentioned?
04:11Or do you find that companies just prefer that singular clean listing with the NYSE?
04:17Well, we think the regional markets, particularly those in South Korea,
04:22play an incredibly important role, particularly when you look at the customers
04:29that they serve as their home base.
04:31So we've been really focused on continuing to further the dual listings,
04:36the ADR frameworks that have existed in the U.S.
04:39for decades, centuries, if you will, in the case of the New York Stock Exchange.
04:46And from our perspective, the regional markets play such a critical role
04:50from a capital formation standpoint.
04:55So do you expect to see more ADR listings from firms here in Asia?
05:02Or which markets do you expect to see those coming from?
05:06Yeah, you know, we're really optimistic about the pipeline that is generated out of Asia,
05:14out of this region, but also globally as companies, as part of their capital formation,
05:20don't just look to the retail markets.
05:22They look at the opportunities that the U.S. capital markets,
05:26the deepest, most liquid markets in the world,
05:29present from a globalization of the investor base.
05:33So we see these opportunities continuing to play out for the remainder of 26,
05:42but importantly into 2027 as well.
05:47So can you tell us about some of the companies that are seeking U.S. listings or ADRs at the
05:52moment?
05:52I'll give you an example from here in Australia.
05:54You know, we just heard from the rare earths miner Sunrise Energy.
05:58It's got a $400 million loan to develop its mine just west of Sydney.
06:02And they were saying today that they are now looking to list in the United States.
06:06Have you heard from that company?
06:08Or is this the sort of company that you'd be interested in hearing from?
06:12You know, we are interested in talking to all companies that are on the path towards raising capital.
06:22We think because of the important role we have played in the global economy,
06:27the critical role we have played in the U.S. economy,
06:30we think we've got a lot of lessons that we're able to share on how some of the most successful
06:41companies can continue to flourish and to take advantage of the capital.
06:46So we talk to companies at all stages of their capital formation life cycle from series A when they're just
06:54a startup with a bunch of different ideas
06:57but are still honing that strategy to the day they go public and thereafter to their lifetime as a public
07:04company.
07:06Now you touched on this a little bit earlier, but I'm wondering if you can give us a little more.
07:09Can you tell us about what the IPO pipeline looks like for the rest of this year and what visibility
07:15do you have into 2027?
07:17Will you see that strength continuing?
07:20Yeah, I mean, 2026 has already been a year unlike any other from a capital formation standpoint in the U
07:29.S.
07:29There's been more capital raised year to date in the U.S. than there has been on your average year
07:38in history.
07:39So we're really optimistic about the remainder of 2026 and then looking into 2027.
07:45And importantly, we see the demand from all sectors.
07:50It's not just the technology sector.
07:53We see it across the industrial sector, the energy sector, consumer sector is actually having quite a strong year.
08:02We just had a couple of consumer names that we brought public in Jersey Mike's and Reformation just about 10
08:10days ago.
08:10So we're really optimistic about the remainder of the year.
08:15And then also looking into 27, if you look at 2026 and the success in terms of capital raising and
08:23tapping the U.S. public markets,
08:26that breeds a lot of optimism for next year and the years that follow because the capital markets are very
08:36much open in the U.S.
08:40What have you been hearing about business leaders on your trip around Asia, about the current state of public and
08:46private markets?
08:49I think there's a lot of optimism amongst the region around the state of the public markets.
08:55I think there's a lot of optimism in particular about the amount of capital that they can raise,
09:02not just domestically, but also in the U.S.
09:06And the interconnectedness between our markets is something that is frequently remarked as a positive.
09:14The information sharing in particular that we do across regulated bodies and across regulators
09:22to ensure that the global investor is able to achieve the prosperity that they wish to achieve when they invest
09:32in our markets.
09:34Of course, we're currently undergoing a period of geopolitical instability, elevated energy prices, concerns around inflation.
09:42How would you characterize the current macro environment compared with your experience?
09:49And is that causing any caution at the moment?
09:52Yeah, I mean, the macro environment in terms of the underpinnings of the U.S. economy in particular is quite
10:00strong.
10:01I think the U.S. economy has showed its resilience despite of the geopolitical uncertainty
10:07and despite the volatility that may exist in any one subsector.
10:13If you look back in history, our markets have continued to perform throughout periods of instability
10:23and to the point where our markets tend to weather the storm of volatility quite well.
10:31If you look at any index, for example, the indices in the U.S., the S&P, the Dow,
10:38they are both posting double-digit gains year-to-date.
10:43I think the S&P is up almost 15% year-to-date.
10:46You wouldn't necessarily see those types of results if you didn't have a strong foundation,
10:53a strong underpinning of the economy.
10:58Well, the NYSE parent company is looking at exploring partnerships with other groups like Polymarket, OKX as well.
11:05I understand you've also got an application in for 24-7 trading.
11:09Before we let you go, can you give us a quick update on those things?
11:13Yeah, so if you look at extended hours trading, so we're leading the industry in the move towards the traditional
11:22markets going 23 by 5.
11:25That will actually happen in December of this year where the securities markets will bring the regulated framework,
11:32the regulated protections that come with that framework, the stability, the resiliency to a 23 by 5 hours,
11:41which that's what that means is global investors will be able to invest in our regulated markets,
11:49ones that exist today, with a lot more certainty.
11:53When you move to the newer parts of finance, the tokenization initiatives,
12:00we're continuing to work with our regulators to bring live our 24 by 7 offering,
12:05hopefully by the end of the year, and we're very optimistic about the conversations that we're having with the regulators.
12:13Importantly, when we're bringing that innovation to market,
12:16we're going to do so in a fashion that comes back to our North Star, which is responsible innovation.
12:22How do we bring those markets live in a way that the traditional markets remain connected to the tokenized markets?
12:32So allowing for the innovation, but doing it with the system safeguards that exist in the markets that have been
12:38honed for two centuries.
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