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Summary
  • Stock exchanges globally are facing a transformative moment, with the big US exchanges confronting the most serious challenge to their oligopoly in decades.
  • In the US, there will be 3 new stock exchanges this year seeking to address unmet needs – the Members Exchange backed by nearly all the big banks and trading firms, the Long-Term Stock Exchange focused on long-term value creation, and MIAX Pearl, which will eventually target companies in Latin America.
  • Direct listings – which can now raise capital as of last week – and “blank-check” SPACs (special-purpose acquisition companies) are having their heyday, with the NYSE having the edge in direct listings and the Nasdaq being the exchange of choice for SPACs.
  • Regulators are becoming more active, driving changes around the consolidated public SIP feed and recently launching an SEC-Justice Department investigation into whether exchanges abused their market power to overcharge for data.
  • US-listed Chinese companies may also soon be forced to comply with US audit requirements to maintain their listings, driving a near-term wave of IPOs and secondary listings. Hong Kong and the mainland China exchanges’ modernized technology boards – Shanghai’s STAR Market and Shenzhen’s ChiNext – are lately seeing a frenzy of activity.
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