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Introduction: Advantages of a NYSE listing One of the most important decisions in the IPO process is choosing the right market for listing of the company’s securities. The NYSE market model is designed to maximize liquidity, encourage market activity and help participants trade more efficiently. NYSE and NYSE MKT offer a combination of cutting-edge, ultrafast technology enhanced by the commitment of capital from traders who are accountable to you, the issuer. This market structure establishes reliable price discovery at the open, the close and during periods of volatility, such as times of market dislocation. Designated Market Makers (DMMs) add significant liquidity to the market, which is further enhanced by supplemental liquidity providers (SLPs) and floor brokers equipped with new, algorithmic trading tools. Their judgment and commitment of capital at the point of sale differentiates the NYSE from every other market globally. DMMs DMMs are at the center of the NYSE and NYSE MKT markets. DMMs act as a buffer against market volatility, increase liquidity and fulfill an obligation to maintain a fair and orderly market. The NYSE features both a physical auction convened by DMMs and a completely automated auction that includes algorithmic quotes from DMMs and other market makers. Today, DMMs are among the most active trading firms on the NYSE. They follow strict requirements to maintain an orderly market, quote at the National Best Bid and Offer (NBBO) and facilitate price discovery during openings, closings and imbalances. Complementing the liquidity of other quote providers are SLPs: electronic, highvolume NYSE market members that are incentivized to add liquidity. Several SLPs may be providing liquidity to your stock. SLPs are trading firms deploying their own capital using proprietary trading models. Also providing liquidity on NYSE and NYSE MKT markets are trading floor brokers. These brokers leverage their physical point-of-sale presence with information technologies and algorithmic tools to offer customers the benefits of flexibility, judgment, automation and anonymity with minimal market impact. Global reach and visibility Beyond market structure and market quality, a market’s size and scope should also be considered when choosing a listings venue. The NYSE is a leading global operator of financial markets and provider of innovative trading technologies. Its exchanges trade equities, futures, options, fixed-income and exchangetraded products. The exchange offers comprehensive commercial technology, connectivity and market data products and services through NYSE Technologies. As an innovative applied technology company in the financial space, the NYSE has built a universal trading platform that is being deployed to support not only its global exchange operations but also its customers around the world that are engaged in trading activities and operating exchanges. Twin data centers in the greater New York and London metropolitan areas offer one-stop access to liquidity with the highest levels of resilience and the lowest available latency (the time gap between trade placement and execution) to market participants. Many listed companies return to the NYSE multiple times a year to use its facilities, including the NYSE trading floor, for analyst, investor or board meetings, as well as corporate announcements and events. The daily openings and closings also represent an opportunity for companies to elevate their own brand visibility. The NYSE offers a host of other visibility programs for its listed companies, including global investor conferences, virtual investor forums and multimedia channels. IR services Another important factor to consider when choosing a listing venue is customer service and the quality of products the marketplace offers. Successful companies require significant resources to build shareholder value. NYSE Market Access Center SM is a fullservice solution including global visibility and investor relations services, which enables management to remain focused on its business objectives as a public company. Governance services Companies seeking to create a leadership advantage through corporate governance, risk, ethics and compliance practices can tap the integrated resources of NYSE Governance Services. NYSE Governance Services leverages the expertise of Corpedia®, a leader in risk assessment and e-learning for ethics and compliance, and Corporate Board Member®, a trusted source on governance matters for company directors and C-level executives—both NYSE companies. It educates and works with companies to implement measurable practices that help them uphold the standards expected of them by their shareholders, customers, the public and the law. Issuer advocate The NYSE acts as an advocate for listed companies, championing policies that are consistent with the values of fair, efficient and transparent markets—from short-sale trading issues to corporate governance reform; from the cost of complying with the Sarbanes-Oxley Act of 2002 (SOX) to the difficulties of adhering to the United States’ intricate and idiosyncratic accounting rules. For example, the NYSE has sent numerous recommendations to regulators and lawmakers articulating companies’ views on existing or proposed rules and regulations, particularly those designed to make markets more fair, transparent and efficient. The exchange has advocated for improved transparency around share ownership, for the streamlining of and more transparency around proxy fees, as well as for the passage of the Jumpstart Our Business Startups Act (the JOBS Act). The NYSE believes exchanges have a responsibility to help small companies grow by providing entrepreneurs with a source of capital. Looking beyond the IPO to seek new avenues for small businesses to access capital, the exchange launched the NYSE Big StartUp. This jobs-growth initiative connects big companies with startups and entrepreneurs, offers training, mentoring and education programs, as well as established a fund to ensure that capital is available to those least able to access it. The NYSE will continue to have its pulse on the issues affecting its listedcompany community and provide support in making sure their voices are heard among policymakers. 8 NYSE IPO Guide
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