stock exchanges

Stock Exchange Rulemaking After the Fifth Circuit’s AFBR Decision

By James Fallows Tierney January 7, 2025 by renholding

Securities law often relies on stock exchanges and other self-regulatory organizations (SROs) to create rules that structure markets. The SEC reviews and must approve these rules if the agency finds they meet certain statutory requirements. SROs file over a thousand

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How SPAC Regulatory Regimes in the UK, Singapore, and Hong Kong Stack Up

By Lerong Lu and Ci Ren November 8, 2024 by renholding

Special purpose acquisition companies (SPACs) have swiftly emerged as an alternative vehicle for global corporations that seek a public listing. As their name suggests, SPACs gather funds from investors through an initial public offering (IPO), with the intention of acquiring …

Where Do Corporate Insiders Trade?

By Alexander Hübbert and Lars L. Nordén October 29, 2024 by renholding

The venue for stock trading is important. Exchanges provide high immediacy and transparency, while dark markets are slower and more opaque.[1] Traders generally prefer exchanges when they want to capitalize on information before it becomes known but value dark markets …

How Direct Listings Compare With Initial Public Offerings

By Anna Bergman Brown, Donal Byard and Jangwon Suh February 1, 2024 by renholding

Initial public offerings (IPOs) and direct listings (DLs) offer two different mechanisms for a firm to obtain a listing in the public capital markets. Historically, DLs have been rare in the U.S., but that has changed in recent years, starting …

Regulating Crypto-Trading Platforms as Exchanges

By Marco Dell’Erba July 5, 2023 by renholding

The Securities and Exchange Commission’s recent actions against Binance and Coinbase show that the commission is worried about the business model of crypto-trading platforms. In its complaint against Binance, for example, the SEC expressed concerns about the offering of “three …

Paul Weiss Discusses SEC’s New Clawback Listing Standards

By Lawrence I. Witdorchic, Jean M. McLoughlin, Cindy Akard, Raphael M. Russo and Christodoulos Kaoutzanis June 14, 2023 by renholding

The SEC has approved the clawback listing standards of the New York Stock Exchange and Nasdaq.  As noted previously, the clawback listing standards will take effect on October 2, 2023, and listed companies will have until December 1, 2023 to …

Davis Polk Discusses NYSE and Nasdaq Clawback Rule Proposal

By Kyoko Takahashi Lin and Ning Chiu March 2, 2023 by renholding

On February 22, 2023, the New York Stock Exchange and the Nasdaq Stock Market released their respective versions of a proposed rule that implements the SEC’s clawback rule mandated by Section 954 of the Dodd-Frank Act. The SEC’s final rule, …

The SPACtacular Rise of the Special Purpose Acquisition Company: A Retail Investor’s Worst Nightmare

By Bobby V. Reddy December 13, 2021 by renholding

The special purpose acquisition company, or SPAC, is a company with no commercial or operating history that has listed on a stock exchange with the sole objective of raising financing to identify and acquire another company.   SPACs developed after the …

Why Singapore Exchange’s Embrace of SPAC Listings Is a Game Changer

By Lerong Lu and Alice Lingsheng Zhang September 27, 2021 by renholding

On September 2, 2021, Singapore Exchange (SGX) released the “Proposed Listing Framework for Special Purpose Acquisition Companies” that officially permits the public listing of SPACs on its mainboard. The move aims to cement Singapore’s status as Asia’s top …

The Choice Between Various Freeze-Out Procedures and Its Consequences

By Beni Lauterbach, Evgeny Lyandres, Yevgeny Mugerman and Barak Yarkoni July 29, 2021 by renholding

Over the past two decades, delisting from an exchange has become a popular choice for many public companies. Several studies attribute this trend to a number of factors, including the increased concentration of U.S. markets, which made many small and …

Regulating SPACs — Before It’s Too Late

By Georges Ugeux March 31, 2021 by renholding

Although it has been used in the past, the resurgence of the Special Purpose Acquisition Company (SPAC) has been spectacular in the last two years. According to its promoters, a SPAC offers relatively easy access to a listing on a …

The Backlash Against Chinese-Company Listings on U.S. Exchanges Has a Long History

By Georges Ugeux January 25, 2021 by renholding

The reach of American law has recently entered familiar territory: listings of international companies on U.S. exchanges. Yet the listings of Chinese companies have in particular prompted a backlash. I want to shed some light on the situation – and …

The Dog that Didn’t Bark: Effects of Regulation on Cryptocurrency Trading

By Brian D. Feinstein and Kevin Werbach September 28, 2020 by renholding

Cryptocurrencies have the potential to operate as a new financial asset class; as a novel fund-raising tool for ventures; as a more efficient payment mechanism, especially across borders; and as the foundation for an innovative, new economy of distributed applications. …

SEC Chair Clayton Addresses Proposed Order on Access to Equity Market Data

By Jay Clayton January 9, 2020 by renholding

Good morning.  This is an open meeting of the U.S. Securities and Exchange Commission on January 8, 2020, under the Government in the Sunshine Act.  The Commission today will consider a staff recommendation to issue for public comment a Proposed

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SEC Commissioner Jackson Issues Statement on Reforming Stock Exchange Governance

By Robert J. Jackson, Jr. January 9, 2020 by renholding

Thank you as always to our dedicated Staff, especially Christian Sabella, David Shillman, Deborah Flynn, John Roeser, and Jennifer Colihan, for their extensive work on today’s proposed order. I’m also deeply grateful to Division Director Brett Redfearn, whose leadership in …

SEC Commissioner Lee on Proposed Order for Equity Market Data Plans

By Allison Herren Lee January 9, 2020 by renholding

I want to start by thanking Chairman Clayton, Director Redfearn, and our dedicated staff for their work over the past couple of years to address some of the more complex and conflicted areas of equity market structure such as the …

SEC Commissioner Roisman Addresses Proposed Order on Equity Market Data Plans

By Elad L. Roisman January 9, 2020 by renholding

Today, the Commission considers steps to change the governance of equity market data plans under Regulation National Market System (“NMS”) (the “Proposed Order”). The Proposed Order seeks to modernize governance of the Securities Information Processors, or “SIPs,” by providing a

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Evidence of Systemic Risk from Major Cybersecurity Breaches

By Shaen Corbet and Constantin Gurdgiev September 27, 2019 by renholding

In general economics, “asymmetric information” refers to information about a transaction in which one party knows more than another party, to the potential benefit of the former at the expense of the latter. An example often occurs when consumers and …

Four Things No One Will Tell You About ESG Data

By Sakis Kotsantonis and George Serafeim July 23, 2019 by renholding

In a recent article, we seek to shed light on several important aspects of measuring and providing data about companies’ performance on environmental, social, and governance (ESG) issues. The article is intended to provide a useful guide for the …

The Rise of Asian Equity Markets and the International Corporate Governance Dialogue

By Mats Isaksson December 11, 2018 by renholding

While there is a growing debate in the United States about a shift from public equity markets to private ownership models, Asian stock exchanges are steaming ahead. Last year a record 1,074 companies got listed in the region, and 43 …