Nasdaq Inc. has formed a joint venture with Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley to establish a trading venue for shares of closely held companies.
Nasdaq Private Market will be added to the new stand-alone company, which will also get strategic investments from the three Wall Street banks and SVB Financial Group, Nasdaq said in a statement Tuesday.
The marketplace’s existing technology, client relationships and regulatory infrastructure will provide a foundation for the joint venture to offer liquidity for closely held companies, Nasdaq said.
Interest in investing in such companies has grown in recent years as novel ways of bringing them public, including the use of blank-check firms, have gained steam. The new platform will give closely held companies, brokers and investors the ability to access, manage and execute their stock transactions through a global marketplace, Nasdaq said.
Participants will be able to engage in tender offers, buy-side book-building, auctions, investor block trades, company-directed windows of liquidity and pre-direct-listing trading.
“This joint venture will accelerate our opportunities in the private-company secondary-trading market and establish the standard for technology-driven operational efficiencies, compliance and execution,” Nelson Griggs, president of the Nasdaq Stock Exchange, said in the statement.
CFP, CFA and CPA holders could gain accredited investor status as regulators weigh wider private market access for advisory clients
DeepVest, Vanilla and Libretto roll out tools to help financial advisors launch firms, close estate plans and sharpen planning skills
“People aren't effectively using their wealth in retirement,” said David Blanchett of Prudential.
Second-generation NFL ref Shawn Hochuli co-founded IWM Partners in Irvine, California, a wealth management practice with more than $500M in client assets
U.S. seniors lose $28.3 billion annually as a result of financial exploitation, according to a 2023 AARP study.
As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
