The Future of US Capital Markets

  • New Market Movement
    Supporting America’s Growth Companies

    A special presentation luncheon will occur on Tuesday, January 10th at 12:30 pm. David Weild, our keynote speaker, will be presenting information which seeks to reinvigorate the IPO market in the United States by developing a new market structure geared toward the needs of small to midsize public growth companies.

    David Weild, Chairman and CEO of Capital Markets Advisory Partners

    Mr. Weild was former vice Chairman of NASDAQ and head of equity markets at Prudential where he priced over 500 IPO’s and another 500 follow-on offerings. He invented the underwritten “Registered Direct” and “Accelerated Book Build” offering – a form of equity finance for public companies that protects the issuer’s stock price from short sellers. His research established more than three years ago that regulatory changes to stock market structure, and not economic cycles, depressed the IPO market and with it, economic growth and job creation. His body of work has gained considerable recent notice and is now underlying discussions at the SEC, The House of Representatives, the U.S. Senate and the White House.

    Most of the current capital formation bills in the U.S. House of Representatives have been lifted or inspired in part by the studies published by Weild and his colleague Edward Kim. In addition, his work has been cited by the Jobs Council Report to the White House, led by Jeffrey Immelt, CEO of General Electric and the IPO Task Force Report to the U.S. Treasury led by Kate Mitchell, former Chairman of the National Venture Capital Association and entitled, “Rebuilding the IPO On-Ramp.” Mr. Weild recently spoke at the SEC Small Business Forum and was the keynote for the American Bar Association’s Securities Regulation luncheon in Washington, DC.

    His interest in the IPO market began while at NASDAQ when concerns about the rate of delistings in public companies from U.S. stock exchanges led him to study the underlying causes which few understand. Most offer simplistic explanations like Sarbanes Oxley as a primary reason for the dearth of IPO’s. Mr. Weild analysis is far more sophisticated look and looks at issues related to market structure that preceded Sarbanes Oxley and attacked support for small public companies and the investment banks that served them.

    Mr. Weild outlines the devastating impact that “efficiency” has wreaked on the financial ecosystem and he will describe current and potential new legislative initiatives that in combination would resuscitate the IPO and put America’s job creation engine into high gear.

    Click here to access David Weild’s keynote presentation on ‘The New Markets Movement.’