TotalMarkets, Nasdaq's Blueprint for Advancing Markets for All Investors and Companies
On April 10, Nasdaq launched TotalMarkets: Blueprint for a Better Tomorrow, which proposes structural changes to the U.S. equity markets to modernize regulations that benefits all investors and issuers. The proposal calls for updating regulations to reflect the evolution of the markets and technology advances that have occurred in the years since major market structure reform was enacted, and for enabling greater issuer choice in how issuers and investors interact within capital markets.
Two years ago, Nasdaq launched our plan to reform and revitalize U.S. equity markets to better serve American investors and companies of all sizes. Since presenting, The Promise of Market Reform; Reigniting America’s Economic Engine, we have worked to make our proposals a reality, advocating in Washington, D.C. and throughout the financial community to turn our ideas into reality to improve U.S. equity markets. In Congress, bipartisan members worked together to pass seven bills in committee or on the house floor to improve capital formation. Securities regulators have been strong partners, issuing 13 rules and announcements to help address issues Revitalize highlighted. The industry actively and constructively debated the nuanced issues highlighted in Revitalize, leading to action that will allow public investors to benefit from a more robust and diverse public company ecosystem.
It is time we expand our agenda to a serious and balanced debate focused on the market structure that supports trading of public companies. Market structure has a significant impact on the cost of capital and return on equity that companies and their investors rely upon to grow and expand their businesses. Market structure also defines the experience investors have in the public markets, which plays a key role in how willing they are to invest their hard-earned dollars in public companies.
TotalMarkets has been well received, including by leading analyst firms such as Greenwich Associates, which published Examining Nasdaq’s Blueprint for the U.S. Equity Market.
Our blueprint, available here, examines the rules of yesterday and the markets of today, and charts proposals to make a path to better markets tomorrow.