Baird’s Jack Miller Talks Market Structure with NYSE COO Michael Blaugrund
At the Security Trader Assocation’s 89th annual Market Structure Conference, Baird’s Jack Miller, Head of Global Execution Services, interviewed NYSE COO Michael Blaugrund. The wide-ranging discussion covered market structure topics, as well as exchange-issuer relationships, capital formation, IPO regulatory matters and more.
The pair also discussed the dominance of ESG. Miller asked if ESG requirements impact listing conversations, and Blaugrund affirmed the topic is on the mind of existing and prospective companies alike – but emphasized that the NYSE believes investors should be the ones to make judgments of ESG standards versus exchange-set rules:
"NYSE’s listing standards are important.
You’re sort of vouching for a new company when they do an IPO on your market. Some competitors of yours are adopting ESG requirements — should you?"
- Jack Miller, Head of Global Execution Services
"[The NYSE] has the most stringent listing standards...
...but we deliberately are not prescribing these ESG requirements. It’s a laudable goal to have companies meet ESG standards, but I think as an exchange you risk imposing your own standards on the market."
- Michael Blaugrund, COO, New York Stock Exchange
In his role as COO of the NYSE, Blaugrund is responsible for overseeing strategy and operations of NYSE Group’s five equities exchanges and two options exchanges. Additionally, he oversees the NYSE/FINRA Trade Reporting Facility and NYSE Bonds fixed income exchange.
The Market Structure Conference is the flagship conference of the Security Traders Association. It unites stakeholders to discuss key industry and regulatory issues facing the markets today. To learn more about the Security Traders Association and its annual Market Structure Conference, visit securitytraders.org.
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