Nasdaq said on Tuesday it will spin out its Private Market to form a new platform for trading unlisted company shares through a joint venture with a number of major banks.
The exchange said the new company, in which Citi, Goldman Sachs, Morgan Stanley and SVB Financial Group (owner of the Silicon Valley Bank) are investing, will establish "an institutional-grade, centralised secondary trading venue" for companies, brokers and investors to trade in private company shares.
“Using the scale and distribution of our joint venture partners alongside our market leading technology and markets experience, Nasdaq Private Market will become the go-to marketplace that connects and manages the need of the entire private ecosystem through one platform,” said Nasdaq Private Market president Eric Folkemer.
The Nasdaq Private Market was first set up in 2014 to provide a way to allow private companies to trade shares ahead of a stock market listing.
The ever-greater sums of funding allocated to private equity – more than $4.95 trillion in the five years between 2016 and 2020, according to Bain & Company – mean that fast-growing companies often stay private for much longer.
As a result, they "need the ability to offer their employees a safe and easy way to generate liquidity while they are building their businesses”, said Greg Becker, chief executive of SVB Financial Group.
“Together with Nasdaq and this impressive consortium of leading banks, we are establishing a secondary trading venue for private company stock that will offer our clients a path to employee retention in an environment where access to talent is one of the biggest challenges.”
Over the past five years, 477 private companies serving 59,000 shareholders have completed transactions on the Nasdaq Private Market, executing more than $30 billion worth of transactions, the exchange said.
The new platform will allow companies to better manage changes to equity structures and equity-linked pay as well as allowing continuous trading to provide better price discovery ahead of any listing, it added.
Nasdaq earned $2.9bn in revenue last year, a 15 per cent increase on 2019, while net income grew 10.8 per cent to $224 million.
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
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