Nasdaq携手SVB、花旗、高盛、摩根士丹利,建立「纳斯达克私募市场」,为尚未上市的私营公司提供股票交易
发布时间:2021/7/22

https://ir.nasdaq.com/news-releases/news-release-details/nasdaq-svb-citi-goldman-sachs-and-morgan-stanley-launch-new


纳斯达克、SVB金融集团(“SVB”)、花旗、高盛和摩根士丹利,昨天(7月20日)宣布成立一家合资企业,为私营公司股票的发行人、经纪人、股东和潜在投资者建立机构级、集中的二级交易场所。

https://www.nasdaq.com/nasdaq-private-market


纳斯达克私募市场(Nasdaq Private Market),将成为一家独立的独立公司,该公司将获得 SVB、花旗、高盛摩根士丹利的战略投资。


纳斯达克私募市场现有的技术、客户关系和监管基础设施,将让合资企业为私营公司开发全套流动性解决方案奠定坚实的基础。私营公司、经纪人和投资者将能够通过全球市场和定制的技术解决方案访问、连接、管理和执行他们的私营公司股票交易。这些量身定制的解决方案使私营公司、经纪人和投资者能够提高其计划和交易标准的透明度。该平台将继续管理和支持私营公司股票交易,包括要约收购、买方簿记、拍卖、投资者大宗交易、公司定向流动性窗口和直接上市前连续交易。此外,该平台将通过其现有的替代交易系统提供端到端的结算流程管理和经纪商间全球市场,供从员工到机构的所有客户访问和交易。


这些新功能将有助于满足未满足的市场需求,并为寻求获得私人资产的私营公司、其员工和投资者提供更加透明和高效的产品。该平台将建立一个独特的分销网络,利用合资伙伴与私营公司和投资者的牢固关系。此外,将通过平台的经纪人赞助和经纪人中立设计来增强机构投资者的参与,该设计对合格的经纪自营商开放。


纳斯达克证券交易所总裁 Nelson Griggs表示:“自 2014 年推出纳斯达克私募市场以来,我们为私营公司创建了一个值得信赖的平台,从而产生了良好的业绩记录和强大的二级交易渠道。” “该合资企业将加快我们在私营公司二级交易市场的机会,并为技术驱动的运营效率、合规性和执行建立标准。”


纳斯达克私募市场总裁 Eric Folkemer 补充说:“私募市场绝不是标准的,而且比以往任何时候都更加多样化。” “利用我们合资伙伴的规模和分布以及我们市场领先的技术和市场经验,纳斯达克私募市场将成为通过一个平台连接和管理整个私募生态系统需求的首选市场。”


硅谷银行母公司SVB金融集团首席执行官 Greg Becker表示:“创新公司的私有化时间更长,并且需要能够在他们建立业务的同时为其员工提供一种安全、简便的方式来产生流动性。“与纳斯达克和这个令人印象深刻的领先银行财团一起,我们正在为私营公司股票建立一个二级交易场所,这将为我们的客户提供一条在人才获取是最大挑战之一的环境中留住员工的途径。”


花旗高盛摩根士丹利的代表表示:“今天的公告凸显了我们对私募市场发展的乐观态度。” “我们在联合支持市场结构创新和促进二级市场流动性方面有着悠久的历史。”



合资企业亮点

该合资企业将为私营公司二级流动性提供一个庞大且不断增长的市场,并将以纳斯达克私募市场现有的特许经营权和技术为基础,因此客户可使用一个平台放心地进行交易:


  • 具有可定制交易规则和结构的平台,用于管理和支持私营公司股票交易,包括投标报价、拍卖程序、大宗交易和连续交易。

  •  
  • 端到端的结算流程管理,包括电子协议、发行人同意、批准和转让、交易确认和支付流程。

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  • 一个完整管理股权和与股权相关的薪酬计划变更的单一场所,包括期权延期、重新定价和执行;RSU 流动性;股息和支付款项。

  • 发行人和股东通过机构投资者的经纪人间网络直接参与,提供技术功能,如公告板和二级订单簿建立。

  •  
  • 在发行人直接上市或首次公开募股之前,为符合条件的股东和员工推动价格发现和集中二级市场活动的持续交易产品。



纳斯达克私募市场的核心运营团队将继续留在纽约和旧金山的两岸。该团队拥有独特的知识基础和广泛的监管管理专业知识,并在过去五年中将纳斯达克私募市场发展成为领先的私营公司投标报价流动性提供商。团队成员与全球 250 多家领先的私营公司建立了密切的关系,促成了 477 笔私营公司交易,为 59,000 名股东提供服务,并为许多世界上最大的私营公司执行了超过 300 亿美元的交易。该团队预计将投资增加关键增长领域的额外专业知识。



NASDAQ, SVB, CITI, GOLDMAN SACHS, AND MORGAN STANLEY LAUNCH NEW PLATFORM FOR TRADING PRIVATE COMPANY STOCK

Jul 20, 2021



Nasdaq Private Market to be spun out from Nasdaq and contributed to the joint venture


NEW YORK and SAN FRANCISCOJuly 20, 2021 (GLOBE NEWSWIRE) — Nasdaq, SVB Financial Group (“SVB”), Citi, Goldman Sachs, and Morgan Stanley today announced a joint venture to establish an institutional-grade, centralized secondary trading venue for issuers, brokers, shareholders and prospective investors of private company stock.

Nasdaq Private Market will be contributed to a standalone, independent company, which will receive strategic investments from SVB, Citi, Goldman Sachs, and Morgan Stanley.

Nasdaq Private Market’s existing technology, client relationships, and regulatory infrastructure will provide a strong foundation for the joint venture to develop a full suite of liquidity solutions for private companies. Private companies, brokers and investors will be able to access, connect, manage and execute their private company stock transactions through a global marketplace and customized technology solutions. These tailored solutions allow private companies, brokers, and investors to have increased transparency into their program and trade criteria. The platform will continue to manage and support private company stock transactions including tender offers, buyside book-building, auctions, investor block trades, company directed windows of liquidity and pre-direct listing continuous trading. In addition, the platform will provide end-to-end settlement process management and an inter-broker global marketplace through its existing alternative trading system for all customers from employees to institutions to access and transact.

These new capabilities will help fulfill unmet market demand and provide a more transparent and efficient offering for private companies, their employees and investors looking for access to private assets. The platform will build a unique distribution network, leveraging the joint venture partners’ strong relationships with private companies and investors. In addition, institutional investor participation will be enhanced through the platform’s broker-sponsored and broker-neutral design, which is open to qualified broker-dealers.

“Since we launched Nasdaq Private Market in 2014, we have created a trusted platform for private companies resulting in a strong track record and robust pipeline of secondary transactions,” said Nelson Griggs, President, Nasdaq Stock Exchange. “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.”

“The private markets are anything but standard and have become more diverse than ever,” added Eric Folkemer, President, Nasdaq Private Market. “Using the scale and distribution of our joint venture partners alongside our market leading technology and markets experience, Nasdaq Private Market will become the go-to marketplace that connects and manages the need of the entire private ecosystem through one platform.”

“Innovation companies are staying private longer and need the ability to offer their employees a safe and easy way to generate liquidity while they are building their businesses,” said Greg Becker, CEO of SVB Financial Group, parent company of Silicon Valley Bank. “Together with Nasdaq and this impressive consortium of leading banks, we are establishing a secondary trading venue for private company stock that will offer our clients a path to employee retention in an environment where access to talent is one of the biggest challenges.”

“Today’s announcement highlights our optimism about the evolution of the private markets,” said representatives at Citi, Goldman Sachs and Morgan Stanley. “We have a long history of jointly supporting market structure innovation and fostering liquidity in the secondary markets.”

Joint Venture Highlights

The joint venture will serve a large and growing market for private company secondary liquidity and will build upon Nasdaq Private Market’s existing franchise and technology so clients can use one platform to transact with confidence:

  • Platform with customizable transaction rules and structures to manage and support private company share transactions including tender offers, auction programs, block trades, and continuous trading.

  • End-to-end settlement process management, including electronic agreements, issuer consent, approval and transfer, trade confirmations and flow of payments.        

  • A single venue for complete management of changes to equity and equity-linked compensation programs including option extension, repricing and execution; RSU liquidity; dividends and payment disbursements.

  • Issuer and shareholder direct engagement via an inter-broker network of institutional investors offering technology functionality such as bulletin board and secondary order book-building.

  • A continuous trading offering to drive price discovery and centralize secondary market activity for eligible shareholders and employees in advance of an issuer’s direct listing or IPO.

Nasdaq Private Market’s core operating team will remain in place with its bicoastal presence in New York and San Francisco. The team has a unique knowledge base, extensive regulatory management expertise, and has grown Nasdaq Private Market into the leading provider for private company tender offer liquidity over the last five years. Team members have cultivated close relationships with more than 250 leading private companies worldwide, facilitated 477 private company transactions serving 59,000 shareholders, and have executed more than $30 billion in transaction volume for many of the world’s largest private companies. The team is expected to invest to add additional expertise in key growth areas.

Advisors

Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to Nasdaq. Morgan Lewis & Bockius LLP served as legal advisor to SVB, Citi, Goldman Sachs, and Morgan Stanley.

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software, and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.

About The Nasdaq Private Market, LLC

The Nasdaq Private Market, LLC (NPM) is an established liquidity provider to private companies. Whether a company seeks to optimize an eventual IPO or remain private permanently, NPM provides comprehensive technology and capital market support to meet its needs. None of the information provided herein is an offer or solicitation to buy or sell any securities, or to provide any legal, tax, investment or financial advice. NPM is not: (a) a registered exchange under the Securities Exchange Act of 1934; (b) a registered investment adviser under the Investment Advisers Act of 1940; or (c) a financial or tax planner, and does not offer legal advice to any user of the Nasdaq Private Market website or its services. Securities-related services are offered through NPM Securities, LLC, a registered broker-dealer and alternative trading system, and member FINRA/SIPC. Transactions in securities conducted through NPM Securities, LLC are not listed or traded on The Nasdaq Stock Market LLC, nor are the securities subject to the same listing or qualification standards applicable to securities listed or traded on The Nasdaq Stock Market LLCwww.nasdaq.com/nasdaq-private-market.

About SVB Financial Group

For nearly 40 years, SVB Financial Group (NASDAQ: SIVB) and its subsidiaries have helped innovative companies and their investors move bold ideas forward, fast. SVB Financial Group’s businesses, including Silicon Valley Bank, offer commercial, investment and private banking, asset management, private wealth management, brokerage and investment services and funds management services to companies in the technology, life science and healthcare, private equity and venture capital, and premium wine industries. Headquartered in Santa Clara, California, SVB Financial Group operates in centers of innovation around the world. Learn more at svb.com. [SIVB-F] [SIVB-C]

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at http://www.citigroup.com | Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com/| Facebook: http://www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

Forward-Looking Statements

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to the formation of a joint venture by Nasdaq, SVB, Citi, Goldman Sachs, and Morgan Stanley and the benefits of the joint venture, and statements about Nasdaq, Silicon Valley Bank, Citi, Goldman Sachs, Morgan Stanley and their respective products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the control of the joint venture participants. These factors include, but are not limited to factors detailed in each joint venture participant’s annual report on Form 10-K and periodic reports filed with the U.S. Securities and Exchange Commission. The joint venture participants undertake no obligation to release any revisions to any forward-looking statements.

Media Contacts

Nasdaq / Nasdaq Private Market
Will Briganti
646-964-8169
william.briganti@nasdaq.com

SVB
Julia Thompson
415-764-4707
Jthompson3@svb.com

Citigroup
Scott Helfman
212-816-9241
scott.helfman@citi.com

Goldman Sachs
Maeve DuVally
212-902-2605
Maeve.Duvally@gs.com

Morgan Stanley
Akhilesh Raina
212-761-9783
Akhilesh.Raina@morganstanley.com