NYSE Texas: The Future of Equity Markets
Exchanges, private capital and who really trades
29 U.S. stock exchanges: how do they connect, and where should companies list? Public companies have fallen from ~6,000 to ~4,500 while private equity grew from $600bn to ~$15T, yet exits remain scarce. And fundamental traders now drive just 10% of volume. Join exchange executives, market makers, investors and company leaders.
Join our conversation on the structure, operations and future of equity markets—public and private. We will have exchange executives, market makers, investors and company executives in attendance.
Market operations: The SEC lists 29 national securities exchanges in the U.S., excluding futures exchanges, how do they connect and how are trades executed? On which exchange should companies list and investors trade, and why?
Public vs. private: Meketa’s September 2024 research describes a decline from over 6,500 U.S. publicly traded companies in 1997 to about 4,700 in its analysis. Private capital has grown substantially over the same broad period. With exits and returns of capital limited in recent years, how does this sort out?
Market efficiency: A 2017 JPMorgan estimate reported by CNBC put fundamental discretionary traders at roughly 10% of stock trading volume. How have trading, price discovery and market efficiency evolved since then?
Explore the topics: SEC: U.S. stock exchanges · Meketa: Fewer public companies (2024) · CNBC: Only 10% of trading is stock picking (2017)
Thursday, January 21, 2027 · Dallas. Time, venue and speaker lineup to be announced.
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