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

納斯達(dá)克私募市場(Nasdaq Private Market)，將成為一家獨(dú)立的獨(dú)立公司，該公司將獲得 SVB、花旗、高盛和摩根士丹利的戰(zhàn)略投資。

納斯達(dá)克私募市場現(xiàn)有的技術(shù)、客戶關(guān)系和監(jiān)管基礎(chǔ)設(shè)施，將讓合資企業(yè)為私營公司開發(fā)全套流動(dòng)性解決方案奠定堅(jiān)實(shí)的基礎(chǔ)。私營公司、經(jīng)紀(jì)人和投資者將能夠通過全球市場和定制的技術(shù)解決方案訪問、連接、管理和執(zhí)行他們的私營公司股票交易。這些量身定制的解決方案使私營公司、經(jīng)紀(jì)人和投資者能夠提高其計(jì)劃和交易標(biāo)準(zhǔn)的透明度。該平臺(tái)將繼續(xù)管理和支持私營公司股票交易，包括要約收購、買方簿記、拍賣、投資者大宗交易、公司定向流動(dòng)性窗口和直接上市前連續(xù)交易。此外，該平臺(tái)將通過其現(xiàn)有的替代交易系統(tǒng)提供端到端的結(jié)算流程管理和經(jīng)紀(jì)商間全球市場，供從員工到機(jī)構(gòu)的所有客戶訪問和交易。

這些新功能將有助于滿足未滿足的市場需求，并為尋求獲得私人資產(chǎn)的私營公司、其員工和投資者提供更加透明和高效的產(chǎn)品。該平臺(tái)將建立一個(gè)獨(dú)特的分銷網(wǎng)絡(luò)，利用合資伙伴與私營公司和投資者的牢固關(guān)系。此外，將通過平臺(tái)的經(jīng)紀(jì)人贊助和經(jīng)紀(jì)人中立設(shè)計(jì)來增強(qiáng)機(jī)構(gòu)投資者的參與，該設(shè)計(jì)對(duì)合格的經(jīng)紀(jì)自營商開放。

納斯達(dá)克證券交易所總裁 Nelson Griggs表示：“自 2014 年推出納斯達(dá)克私募市場以來，我們?yōu)樗綘I公司創(chuàng)建了一個(gè)值得信賴的平臺(tái)，從而產(chǎn)生了良好的業(yè)績記錄和強(qiáng)大的二級(jí)交易渠道?！?“該合資企業(yè)將加快我們在私營公司二級(jí)交易市場的機(jī)會(huì)，并為技術(shù)驅(qū)動(dòng)的運(yùn)營效率、合規(guī)性和執(zhí)行建立標(biāo)準(zhǔn)?！?/span>

納斯達(dá)克私募市場總裁 Eric Folkemer 補(bǔ)充說：“私募市場絕不是標(biāo)準(zhǔn)的，而且比以往任何時(shí)候都更加多樣化?！?“利用我們合資伙伴的規(guī)模和分布以及我們市場領(lǐng)先的技術(shù)和市場經(jīng)驗(yàn)，納斯達(dá)克私募市場將成為通過一個(gè)平臺(tái)連接和管理整個(gè)私募生態(tài)系統(tǒng)需求的首選市場?！?/span>

硅谷銀行母公司SVB金融集團(tuán)首席執(zhí)行官 Greg Becker表示：“創(chuàng)新公司的私有化時(shí)間更長，并且需要能夠在他們建立業(yè)務(wù)的同時(shí)為其員工提供一種安全、簡便的方式來產(chǎn)生流動(dòng)性。“與納斯達(dá)克和這個(gè)令人印象深刻的領(lǐng)先銀行財(cái)團(tuán)一起，我們正在為私營公司股票建立一個(gè)二級(jí)交易場所，這將為我們的客戶提供一條在人才獲取是最大挑戰(zhàn)之一的環(huán)境中留住員工的途徑?！?/span>

花旗、高盛和摩根士丹利的代表表示：“今天的公告凸顯了我們對(duì)私募市場發(fā)展的樂觀態(tài)度?！?“我們在聯(lián)合支持市場結(jié)構(gòu)創(chuàng)新和促進(jìn)二級(jí)市場流動(dòng)性方面有著悠久的歷史。”

該合資企業(yè)將為私營公司二級(jí)流動(dòng)性提供一個(gè)龐大且不斷增長的市場，并將以納斯達(dá)克私募市場現(xiàn)有的特許經(jīng)營權(quán)和技術(shù)為基礎(chǔ)，因此客戶可使用一個(gè)平臺(tái)放心地進(jìn)行交易：

• 具有可定制交易規(guī)則和結(jié)構(gòu)的平臺(tái)，用于管理和支持私營公司股票交易，包括投標(biāo)報(bào)價(jià)、拍賣程序、大宗交易和連續(xù)交易。

 

• 端到端的結(jié)算流程管理，包括電子協(xié)議、發(fā)行人同意、批準(zhǔn)和轉(zhuǎn)讓、交易確認(rèn)和支付流程。

 

• 一個(gè)完整管理股權(quán)和與股權(quán)相關(guān)的薪酬計(jì)劃變更的單一場所，包括期權(quán)延期、重新定價(jià)和執(zhí)行；RSU 流動(dòng)性；股息和支付款項(xiàng)。

• 發(fā)行人和股東通過機(jī)構(gòu)投資者的經(jīng)紀(jì)人間網(wǎng)絡(luò)直接參與，提供技術(shù)功能，如公告板和二級(jí)訂單簿建立。

 

• 在發(fā)行人直接上市或首次公開募股之前，為符合條件的股東和員工推動(dòng)價(jià)格發(fā)現(xiàn)和集中二級(jí)市場活動(dòng)的持續(xù)交易產(chǎn)品。

納斯達(dá)克私募市場的核心運(yùn)營團(tuán)隊(duì)將繼續(xù)留在紐約和舊金山的兩岸。該團(tuán)隊(duì)擁有獨(dú)特的知識(shí)基礎(chǔ)和廣泛的監(jiān)管管理專業(yè)知識(shí)，并在過去五年中將納斯達(dá)克私募市場發(fā)展成為領(lǐng)先的私營公司投標(biāo)報(bào)價(jià)流動(dòng)性提供商。團(tuán)隊(duì)成員與全球 250 多家領(lǐng)先的私營公司建立了密切的關(guān)系，促成了 477 筆私營公司交易，為 59,000 名股東提供服務(wù)，并為許多世界上最大的私營公司執(zhí)行了超過 300 億美元的交易。該團(tuán)隊(duì)預(yù)計(jì)將投資增加關(guān)鍵增長領(lǐng)域的額外專業(yè)知識(shí)。

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

Jul 20, 2021

NEW YORK and SAN FRANCISCO, July 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 LLC. www.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