01:21:02 · John Coogan, Lynn Martin, Jordi Hays
[01:21:02] S1: Yeah. [01:21:04] S5: You think about the process associated with a annual general meeting and getting votes and approvals, That's what we announced today. Like, the blockchain technology could really free up a lot of these clocks Yeah. In the system. So that's what we're excited to advance, and we've been spending a lot of time with folks in DC, the SEC, and others around how do we do this responsibly to bring about all of the efficiencies that this amazing technology has with none of the scary stuff and protecting market integrity while you bring efficiency to the market. [01:21:47] S1: How have you been grappling with all the cybersecurity jitters? There's the, Black October sort of extending with the fridge storage today. [01:21:55] S2: Well, yeah. And even even, you know, I think people, at least personally over the last week, I felt okay with needing to get on the phone when I need to send a wire, you know? Yeah. Or or at times you need to go into a branch. Right? And realizing like, okay, like, maybe this wasn't always necessary, like, five years ago, but now it feels like [01:22:17] S1: Sure. [01:22:18] S2: A relief in some way. And so that's like figuring out what what of the old friction should be brought into the new world. [01:22:24] S5: Well, if you think about things like, the price bands that happen in equities every day. Some people say, why do you need price bands? Well, you need those moments if the stock is moving too much in one direction to take a pause. Yeah. Maybe there needs to be [01:22:41] S1: Yeah. [01:22:42] S5: A speed bump
01:22:42 · Lynn Martin, Jordi Hays, John Coogan, Joe Weisenthal
[01:22:42] S5: A speed bump [01:22:43] S2: Yeah. [01:22:43] S5: In the day. Yep. And that's really all it is, is a speed bump. And we've been very focused on how do we leverage the human with the cutting edge technology and marry the two together. This is why I don't think AI is going to destroy humanity because having the best of humanity Yeah. With the best of technology is gonna enable the human to do a heck of a lot Yeah. More in the future. [01:23:10] S1: Yeah. I completely agree. That's human. Very important for you. In in in the process. Take us actually through the the road to Christmas. What is on the, calendar for the New York Stock Exchange between now and Christmas? Tree lighting happening this year. What else is happening? [01:23:26] S5: I mean, we've got some IPOs, god willing. I mean, there is a jittery market at the moment. So, god willing, there'll be some more IPOs. [01:23:32] S2: What are what are what are points throughout history where there were major market jitters and fear and companies just decided to roll the dice and say, we want to get out. [01:23:45] S5: I mean, look at 2020 as the most recent one, right? Remember, we did have start to have the banner years of IPOs in 2020 and 2021, and we had a pandemic. [01:23:55] S1: People were nervous. But still, [01:23:56] S2: you had effectively 0% interest rates, which would have played a factor in driving demand, right? [01:24:04] S5: So that's right. [01:24:04] S0: But we [01:24:04] S1: also had circuit breakers back to back to back. Like market went down, like, 30% in a month or so.
01:24:04 · John Coogan, Lynn Martin, Jordi Hays
[01:24:04] S1: also had circuit breakers back to back to back. Like market went down, like, 30% in a month or so. [01:24:11] S5: I don't know. [01:24:12] S1: It's a crazy time. [01:24:13] S5: And there was uncertainty about would the world ever go back [01:24:16] S2: to was particularly interesting because there's, like, skepticism about the AI trade broadly, plus midterms all happening at at the same time. [01:24:25] S5: All happening in the same week. It was here. [01:24:27] S2: Plus cyber, plus, you know, rumors of of, you know, uptick in conflicts, you know, globally. Like, it just feels like so many different factors that that make an an AI... A pure play AI IPO challenge right now. [01:24:45] S5: It feels like the market is very cautious, and it's gonna be a little bit on edge for the next couple of weeks. Yeah. I think tomorrow, you'll have a bit more information. And as the week progresses, you'll have a lot more information. [01:25:02] S1: Yeah. That makes a lot of sense. [01:25:03] S5: So it's not all happening on the same day, fortunately. [01:25:07] S1: Yeah. What has, what has the relationship been with prediction markets been like over the last year? Are those useful tools to understand where the midterms might go? Is that... Did the... Obviously, the relationship is a little bit deeper, but Yeah. Get us up to speed on the house thesis on prediction markets.
01:25:07 · John Coogan, Lynn Martin, Jordi Hays
[01:25:07] S1: Yeah. What has, what has the relationship been with prediction markets been like over the last year? Are those useful tools to understand where the midterms might go? Is that... Did the... Obviously, the relationship is a little bit deeper, but Yeah. Get us up to speed on the house thesis on prediction markets. [01:25:23] S5: I mean, the data is really why we did the investment initially Yeah. With with Poly Yeah. In particular because we saw the data really moving the traditional markets, the data that was in the Yeah. Prediction market. And it was really that election night of twenty twenty four two years ago [01:25:42] S2: Yeah. [01:25:42] S5: That was more of the moment that, wow. Yeah. They call the winner of the presidential election, and you saw the S and P futures immediately move. Yep. The data that's on the markets is... Or that is on the prediction markets is still incredibly useful, particularly when you think about the various conflicts that have arisen, moves, those types of things. Interest rates, those have been interesting predictors as you see people start to position their [01:26:11] S1: Yeah. [01:26:11] S5: Yeah. Rates portfolio [01:26:13] S1: Yep. Yeah. [01:26:13] S5: Around what the prediction markets are saying, Fed increase, Fed decrease.
01:26:13 · Lynn Martin, John Coogan, Jordi Hays
[01:26:13] S5: Around what the prediction markets are saying, Fed increase, Fed decrease. [01:26:18] S1: What what is the mood like among, European companies right now in terms of coming to you, coming to the New York Stock Exchange? We were here for the Klarna IPO. That was a a really interesting decision. And it seems like the jitters might be global. They might be market wide, but America is still the destination for capital formation. [01:26:39] S5: We, absolutely. You know, we've got a robust pipeline of European, London based as well as as other parts Yeah. Of the continent in particular that are looking to tap The US capital markets. We actually were able to transfer AstraZeneca earlier this year, and they saw their valuation appreciate by, I think, about 30 when they announced the conversion of their ADRs to ordinary shares. Think that [01:27:08] S2: just effect. There you go. [01:27:10] S5: I think that just speaks, to the, appreciation associated with companies that are listed in The US. So The US remains a very, very interesting destination for people to raise capital. [01:27:27] S2: Yeah. What's... How do you think about planning for '27? [01:27:30] S1: Oh. That's good.
01:27:30 · John Coogan, Jordi Hays, Lynn Martin, Joe Weisenthal
[01:27:30] S1: Oh. That's good. [01:27:32] S2: Feels like an impossible task. I was talking I was talking to someone on on Friday night who's, like, undoubtedly one of the greatest sort of, like, live venture capitalists. And we were just... I was joking, and I was like, I I really wish somebody knew what was gonna happen, like, with, like, specifically, you know, restricted to tech and AI. I was telling him, like, you know, he was like, I definitely don't know. And I was like, if if somebody knew, we would certainly know them. And so that gives me confidence that no one knows. [01:28:04] S5: Well, mean, think about how we started the year. Did anyone have on the bingo card that there would be one, maybe two interest rate hikes? [01:28:12] S1: Yeah. No. [01:28:13] S5: This year, we were all talking about [01:28:14] S1: the I [01:28:15] S0: opposite cuts happening this [01:28:18] S5: think the one thing you can predict for 2027 is that there's going to be additional efficiency, either with the deployment of good technology, or things like tokenization, which is going to pull out some of the inefficiencies, particularly with governance and voting rights and all of the things that are in the system. But there's gonna be uncertainty. [01:28:41] S1: Yes. [01:28:41] S5: So you just gotta remain nimble more so That's... Than ever. [01:28:46] S2: I'll I'll ride with that. I'm gonna also predict, uncertainty. [01:28:50] S1: Predict the always predict the [01:28:51] S2: unpredictable. Exactly. Unpredictable. Predict And the long march of technology.