Robert Greifend on Nasdaq Culture, Direct Listings

The transcript discusses NASDAQ's challenges with emerging competitors and cultural shifts, emphasizing the importance of leadership in transforming organizational culture. It covers NASDAQ's acquisition strategy, particularly the purchase of INET, and the resilience of its systems during the 2008 financial crisis. The balance between engineering and business is highlighted, along with the dynamics of exchange consolidations. The discussion also compares IPOs and direct listings, and examines US-China investment relations, focusing on regulatory standards.

What was one of the main challenges NASDAQ faced that required a cultural shift?

• Declining stock prices

• Separation from the regulatory body

• Lack of technological innovation

• High employee turnover

Which acquisition was crucial for NASDAQ to gain technological superiority?

• INET

• JP Morgan

• ECN

• Facebook

How did NASDAQ's systems perform during the 2008 financial crisis?

• They failed completely

• They worked well but were under stress

• They were unaffected

• They were upgraded just in time

What was a key lesson learned from the Facebook IPO issue?

• The need for more engineers

• The importance of balancing engineering and business operations

• The necessity of more acquisitions

• The need to focus solely on technology

What is a potential advantage of direct listings over traditional IPOs?

• Avoiding the need to set an initial price

• Higher initial stock price

• Less regulatory scrutiny

• Guaranteed investment returns

Why might Chinese companies be eager to list in the US?

• To access the deepest and most liquid capital markets

• To avoid Chinese regulations

• To reduce operational costs

• To gain technological expertise

What is a significant factor that could affect US-China investment relations?

• Political leadership changes

• Technological advancements

• Accounting and auditing standards

• Cultural differences