Bloomberg Panelist (3:17)

Is there something that Lynn, to be said that by having though a pretty deep private market and allowing companies to stay private a little bit longer, that when they finally go public, they're a much healthier company?

Lynn Martin (3:29)

Absolutely, Absolutely. I've been saying this for years. Companies being private for longer, that's a great thing. Think because to your point, when they come out to market, they have refined their strategy, they have a very clear path towards profitability or they're already profitable and they're ready to take that next step in diversification of shareholders.

Bloomberg Interviewer (3:56)

What about ending quarterly reporting? Does that, does that prevent blasphemy? Well, I mean the president pushed for that.

Bloomberg Host (4:04)

Yeah, I know, I know.

Bloomberg Interviewer (4:05)

The SEC chair is looking to fast track it is. What would that do in your view?

Lynn Martin (4:11)

It's a bit of a two edged sword because what does eliminating quarterly reporting necessarily mean? You don't want to give people less transparency around financials.

Bloomberg Interviewer (4:20)

Oh, we, we hear you there. That's like our job.

Lynn Martin (4:24)

But if you're a newly public company, should you have to report your first earnings call 45 days, within 45 days after you've IPO'd, you've just given investors a very clear forward guidance and a clear look at your financial what really changed over those 45 days. So there, I think there's probably a path forward that makes it less punitive but doesn't sacrifice the transparency. And potentially something we've advocated for is if you're a newly public company, maybe you don't fall into the quarterly reporting cycle immediately.

Bloomberg Interviewer (5:06)

So it sounds like you are a fan of quarterly reports. I am. And I think I don't want to speak for you, Carol.

Bloomberg Host (5:12)

I do.

Bloomberg Panelist (5:12)

I mean, you know, I, I often think about how it sometimes is frustrating for companies because you know, look at the AI build out or different things that might be transformative or are transformative that in order to spend money it's going to impact you, you know, in terms of your balance sheet. So where do we kind of give some leeway for people to do this?

Lynn Martin (5:32)

Right.

Bloomberg Panelist (5:32)

But I also do think we have seen things go wrong. And so I love, like you say, the US market, it's deep, it's liquid, it's incredibly Transparent.

Bloomberg Interviewer (5:41)

And that's why it's the envy of the world.

Bloomberg Panelist (5:43)

It's the envy of the world because I think of that.

Lynn Martin (5:45)

Right. But a silver bullet is not necessarily, okay, decrease the amount of transparency you're given to investors. Although I do think there is a role for less, less frequent reporting for the newly public companies. Then also, what are you reporting? How are you reporting it? And does it look like a quarterly earnings call or does it look like just a simple financial update?

Bloomberg Interviewer (6:09)

Can we talk prediction markets?

Bloomberg Host (6:10)

Please do.

Bloomberg Interviewer (6:10)

Okay, so the Nasdaq, NASDAQ is working on. Yes. No contracts. We saw this news break yesterday. Our colleague Cat Doherty reporting this. You have a polymarket investment.

Lynn Martin (6:21)

Yep.

Bloomberg Interviewer (6:22)

Give us an update on how that partnership is going. And, and I'm curious if you would consider just doing prediction markets yourself.

Lynn Martin (6:30)

Yeah. I mean if there's a regulatory framework that allows for us to do it, we absolutely would. Would look at that as an opportunity. But our. To your question, your initial question is our investment in Poly Market. The partnership's going incredibly well. We announced an investment in poly market, about $1 billion last fall. It was really focused more on the data side and giving transparency, particularly when you look at how the data is impacting your more traditional markets. Great example is, which I love to tell people is I was on the floor on election night and I remember looking up and you've been to the New York Stock Exchange. You see all the technology and market data that is, that is broadcast every day from there. And I saw the market starting to spike up. I said, well, what just happened? The S and P futures in particular started to spike up. I said, what just happened? And someone said, Polly just called the election for President Trump. And that was more like a double click moment. Like, oh, interesting that the prediction markets are influencing what is occurring in your more traditional markets. You look at everything that's gone on this past weekend. The Strait of Hormuz, which we've all been focused on, how is that impacting energy markets? Our parent company is the leader in energy futures contracts. So what you see on polymarket around news and sentiment around the Strait of Hormuz is impacting what happens in our energy market.

Bloomberg Host (8:01)

Just got about 30 seconds.

Bloomberg Panelist (8:02)

Has become though more than just there's a lot of sports and sports gambling that still happens on these, these marketplaces. Does it change? How does it change? How quickly does it change?

Lynn Martin (8:12)

So Poly, our interest in Poly was because it wasn't as focused on the sports. Beta market is more focused on the geopolitical. They were a little bit different when you look at the markets that they had operated. Okay.

Bloomberg Panelist (8:24)

So that's not something.

Lynn Martin (8:26)

Yeah. Okay.

Bloomberg Panelist (8:27)

That you're, that you're too worried about or concerned about.

Bloomberg Host (8:29)

Lynn, good stuff. Thank you.

Lynn Martin (8:30)

So thanks for having me.

Bloomberg Panelist (8:31)

Lynn Martin, president of the New York Stock Exchange, joining us here at Bloomberg Invest.

Bloomberg Host (8:35)

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