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Nasdaq Senior V.P. Bob McCooey on the Facebook IPO and the outlook for the IPO market and Kraft moving from the NYSE to Nasdaq.
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-- -- expected in the last thing Wall Street wants is for investors to shy away from the stock market because they don't trust the process.
That's one reason the NASDAQ is planning -- -- big check to investors joining me now is Bob agreed NASDAQ senior vice president.
Who was hard at work today trying to make things better is that right.
Absolutely -- just affluence wife California sells out there I'm kind of there are 23 days every other week got -- to issuers and the still strong pipeline of companies way to go to market and I'm and our friends that if say were happy continued to -- show the video and -- and from this morning's.
IPO -- -- we to it yesterday which is great to see them are coming back some reaction from other investors to ask you what happens.
Yes kind of what we gotta get through they the big elephant in the room and you talked to them about what happened and why it happened how it happened and what we've already done to make sure never happens again so what do you sex.
What would tell them we tell -- the way that we develop the process we talked about the difference that we put in terms of our IPO cross verses are opening closing cross.
And the fact that we've migrated the code from our opening closing cross which locks down the book to our IPO cross so then what is happening -- and I get.
English it means that what happened on that day was there was such velocity of orders flying in and the book.
The cause the problem with FaceBook.
That was keeping you know keeping a book open -- gates.
We put up gates now so and what's in the book is exactly what will open.
And we -- that we won't ever have that problem against it can you say with certainty and confidence that that would ever happen again yes.
I can I can because we do it for 5600 openings and closes every single day.
So -- the same code for that.
How to have people face that -- right now.
I haven't spoken to them and Bruce Ivins -- recently.
I'm sure that so over time will work hard to -- continued to -- repair our relationship with them.
-- -- And -- I know we retain the continue -- to work them on a daily basis.
Which.
We've heard details of the forty billion dollar settlement where does that's William million is is still being negotiated a 49 -- and others have forty billion -- hope.
Let me try to settle -- don't really settlement -- that.
I don't know if you.
How are transaction -- -- deals with the brokers this is something that I'm not involved with at all has the pipeline slowed in Austin -- It has -- what you're going to notice is it's gonna look like it's it's slowed down.
Because companies will go public some will withdraw.
And so the number of public filings will go down but because of the new jobs act people are -- -- file confidentially.
We know that there about three dozen companies that are filed confidentially so far.
So though the number was well over 200 it was blow over 225 just a couple months ago it's below 200 in total.
But are we note there's three -- and on on file confidentially.
Now this has done nothing to quiet the rivalry between ourselves and the nice if anything it's ignited it and you did in fact still Kraft recently.
What we've got a very strong -- your problems.
Shouldn't we we think we've got a tremendous brand.
We've got superior trading we've got.
Industry leading corporate solutions meaning all the services of the company needs we've got some great visibility assets especially in Times Square.
And we have lower fees and our competitor -- -- put all those together whether it's an IPO or company like Kraft.
And we're -- not just Kraft will be craft and -- -- when they split the two of them.
Later this year and the first Dow stock ever in history to switch exchanges work work -- -- -- -- -- but.
That there are there one of file for companies that are are joined us -- Texas Instruments come in January and an analog devices in Western Digital.
Now I want to ask you because we -- together earlier today at the -- things stay the markets conference where.
We sort of took the temperature on how investors are feeling is -- private equity and hedge fund investors how are investors doing right now.
Are -- -- less confident than they were a year ago.
I would say that bankers.
In general are very negative -- spoke to a lot of bankers.
I think that the private equity and and VC firms are little more positive -- dealing directly with companies in their portfolio.
And -- journal the ones we're talking to were doing exceedingly well so.
You know if you're thinking about doing IPO obviously your business is pretty good and so that gives me a lot of confidence that there are a lot of companies on the on the sidelines that are.
-- continued down the IPO -- -- I'm I'm pretty pretty.
Happy about it and it will vote will be.
The macroeconomic.
Forces that will determine whether the market will continue to be strong enough OK Bob -- thanks coming out here we appreciate it nicely with the.
