U.S. SEC commissioner backs direct listings to rein in Wall Street fees [Reuters]
Slack Technologies, Inc. (WORK)
Last slack technologies, inc. earnings: 3/12 04:15 pm
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Source: Reuters
U.S. SEC commissioner backs direct listings to rein in Wall Street fees WASHINGTON (Reuters) - U.S. Securities and Exchange Commissioner Rob Jackson told Reuters on Tuesday that he supports so-called direct listings as a way to help bring down the excessive fees companies pay to Wall Street banks in order to go public. His comments come as staff at the SEC, the top U.S. securities regulator, weigh a proposal by the New York Stock Exchange for a rule change that would allow more companies to go public without using banks to underwrite the transaction. Jackson, a Democratic commissioner who was a capital markets banker early in his career, said he could not comment on the NYSE’s specific proposal but that he generally welcomed innovations that could reduce the 7% fee companies raising less than $1 billion typically pay to Wall Street banks to go public. That fee, which has remained unchanged for two decades according to research conducted by Jackson’s office, is a major obstacle for mid
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