四問納斯達克非上市公司交易平臺
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????納斯達克OMX集團（NASDAQ OMX Group）周三早間宣布，該公司已與非上市公司股權交易市場SharesPost共同成立了一家合資企業，旨在“為尚未上市的成長型公司提供一個杰出的股票交易市場。” ????雙方都沒有透露財務細節，只是表示納斯達克將是控股股東。SharesPost創始人兼CEO格雷格?布羅格將擔任合資企業總裁，交易平臺計劃于2013年晚些時候推出（有待監管機構批準）。 ????簡言之，這是對非上市公司股份交易市場投下的重要信任一票，應該能吸引更多新的參與者（包括交易員和發行公司）。SharesPost藉此名聲大噪。去年5月，美國證券交易委員會（SEC）曾因SharesPost沒有事先登記經紀許可就擅自進行證券交易提出控告（雙方后來以10萬美元達成和解）。 ????但周三的公告更多是一場市場推廣，不是對新平臺的實際解釋。下面這幾個問題依然有待解答： ????1.這家共同成立的公司如何賺錢？我猜想它會對交易員收取傭金，但公司需要支付掛牌費嗎？另外，平臺將提供哪些目前SharesPost沒有提供的服務（數據、咨詢等）？是否計劃把這個平臺打造成主流的融資渠道？如果是這樣，未來將收取多少費用？此外，納斯達克是否期待這個平臺成為重要創收部門？或者說，它是否會成為未來納斯達克贏得公開市場客戶的主要來源? ????2.自動化程度多高？目前，非上市公司的股票市場很大程度上還是靠關系，需要很多的人際互動。納斯達克打算改變這種現狀嗎？如果是這樣，它打算在多大程度上改變現狀？比如，將來我們會看到新興網絡公司Pinterest的高頻交易嗎？ ????3.信息透明度怎么樣？納斯達克承諾新市場將是“透明的”，但沒有解釋其中含義。我猜測交易價格和交易量不會在Nasdaq.com等上公布——畢竟，這將是一個封閉的非上市平臺——但納斯達克表示，未來交易員獲得的標的公司信息將比當前非上市公司二級市場更多。 ????4.為什么選擇SharesPost？納斯達克選擇了在非上市公司交易市場中排名第二的SharesPost，沒有嘗試與業內排名第一的SecondMarket達成類似的交易。據稱，這個決定的根據是處于對SharesPost技術平臺的推崇。但也有傳言稱，財務考慮也起了一定作用。簡言之，如果與SecondMarket達成交易，討價還價的過程會更艱難。（財富中文網） ????譯者：楊智 |
????The NASDAQ OMX Group this morning announced that it has formed a joint venture with SharesPost, in order to "establish the preeminent marketplace for private growth companies." ????Neither side is disclosing financial details, except that NASDAQ (NDAQ) will be majority shareholder. SharesPost founder and CEO Greg Brogger will serve as president, with the platform to launch sometime later in 2013 (pending regulatory approvals). ????In short, this is a major vote of confidence for private trading markets -- and one that should help bring new participants to the table (both traders and issuers). It also is a much-needed reputational boost for SharesPost, which last May was charged by the SEC with engaging in securities transactions without first registering for the required broker-dealer license (the two sides later settled for $100,000). ????Today's announcement, however, was more of a marketing exercise than an actual explanation of the new platform. Here are some questions that we don't yet know the answers to: ????1. How will the joint venture make money? I'd assume that there will be commissions charged to traders, but will companies also be required to pay listing fees? Moreover, what types of services (data, advisory, etc.) might the platform offer that aren't currently offered by SharesPost? Does it plan to conduct primary capital raises and, if so, how much will it charge? Also would be interested to know if NASDAQ expects this platform to become a significant revenue generator, or if it's primarily a way for the exchange to ingratiate itself with future clients of its public market business. ????2. How much automation? Right now, the market for private shares is largely a relationship business that involves a lot of human touch. Is NASDAQ seeking to change that and, if so, by how much? For example, could we end up seeing high-frequency trading of Pinterest shares? ????3. How much info? NASDAQ is promising that the new market will be "transparent," but doesn't explain what that means. I'd assume that trading prices and volumes won't be available on Nasdaq.com, for example -- after all, this will be a closed private market -- but is NASDAQ saying that traders will get more underlying company information than currently do on private secondary markets? ????4. Why SharesPost? NASDAQ seems to have chosen the private market's number two player in SharesPost, without exploring a similar deal with top dog SecondMarket. It says the decision was based on an affinity for SharesPost's technology platform, but there also are whispers from multiple folks that financial considerations also played a role. In short, SecondMarket would have driven a harder bargain. |
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