Topic:  Reviving the U.S. IPO Market

May 10, 2017
 
 
Hosted jointly by the SEC and NYU Stern Salomon Center for the Study of Financial Institutions

The Division of Economic and Risk Analysis (DERA) of the U.S. Securities and Exchange Commission and New York University’s Salomon Center are organizing a half-day Dialogue on “Reviving the U.S. IPO Market.”  Against the background of 15 years of low levels of IPO activity, the Dialogue will explore the economic causes and consequences of the perceived weakness in the U.S. IPO market and discuss ways to encourage more capital-raising through IPOs.

The Dialogue is intended to bring together practitioners, regulators, and academics to learn, engage, and discuss the current state of the U.S. IPO market and exchange ideas on issues related to investor protection and capital formation.

The Dialogue will be held on May 10, 2017 at New York University’s Salomon Center for the Study of Financial Institutions and will be open to the public. Webcasting will also be available
Preliminary Program
8:30am   Coffee Service
9:10am   Introduction – Dean Peter Henry, NYU Stern School of Business
9:15am   Welcome remarks – Acting Chairman Michael Piwowar
9:30am   Session 1: Review of the IPO Market
Moderator: Scott Bauguess, Acting Chief Economist, U.S. SEC Review of the current state of the U.S. IPO market from an academic perspective and a discussion of the economic causes and consequences of the continued weak IPO market.
10:30am   Break
10:45am   Session 2: Panel on Regulatory Reforms and Other Market Influences
Moderator: Tom Braithwaite, Financial Times A discussion of what has led to the current state of the IPO market, including changes in technology and funding sources, the macroeconomic environment, regulatory and institutional influences, and the challenges these issues pose for firms seeking to raise capital.
11:45am   Break
12:00pm   Session 3: How to Revive the IPO Market
Moderator: Rick Fleming, Investor Advocate, U.S. SEC
  • Thomas Farley, President, NYSE Group
  • Robin Graham, Managing Director and Head of Technology for IB, Oppenheimer
  • Conor Kehoe, Partner, McKinsey, Investor and Private Equity Practice
A discussion of what can be done to revive the IPO market, focusing on possible solutions driven by the needs of IPO market participants, as well as potential regulatory responses.
1:00pm   Concluding Remarks