Nov 1, 2019

New stock exchange files application with SEC

The Wall Street sign near the New York Stock Exchange. Photo: BRYAN R. SMITH / Stringer/Getty Images

Members Exchange (MEMX) filed paperwork to the Securities Exchange Commission to operate as a stock exchange, according to documents made public on Thursday. The stock exchange upstart says it will launch next year if approved by regulators.

Why it matters: MEMX is backed by a slew of Wall Street heavyweights and is hoping to take on NYSE parent company Intercontinental Exchange and the Nasdaq — which dominates the industry — by offering a cheaper platform. But other new stock exchanges haven’t been successful in taking significant market share away from the bigger players.

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NYSE proposes allowing companies to raise capital in direct listings

Illustration: Lazaro Gamio/Axios

The New York Stock Exchange yesterday laid the formal groundwork for letting companies raise capital as part of direct listings.

Why it matters: This could upend the traditional IPO market, which has relied on Wall Street banks to set pricing terms.

Go deeperArrowNov 27, 2019

Saudi Arabia approves IPO of oil giant Aramco

Saudi Crown Prince Mohammed bin Salman at a September meeting in Jeddah, Saudi Arabia. Photo: Mandel Ngan/AFP via Getty Images

Saudi Arabia has approved the long-anticipated initial public offering of state-owned oil giant Aramco, the kingdom's market regulator announced in a statement Sunday.

Why it matters: This could be the biggest IPO ever. Aramco is responsible for about 10% of the world’s oil production, per Bloomberg, which notes it "generated the most profit of any corporation last year with net income of $111 billion — more than Apple Inc., Google’s parent Alphabet Inc. and Exxon Mobil Corp. combined."

Go deeperArrowNov 3, 2019

House Judiciary Committee targets Big Tech but welcomes donations

Data: The Center for Responsive Politics via Sinclair Broadcast Group; Chart: Andrew Witherspoon/Axios

The debate surrounding antitrust laws and the monopoly power of major tech companies continues to heat up in Congress, even though members of both parties have accepted political donations from, and own stock in, a variety of Big Tech firms.

Why it matters, per Axios' Scott Rosenberg: For years, the biggest tech companies have been donating through PACs to lawmakers of both parties and building extensive lobbying operations in Washington in preparation for this moment. As legislators weigh new regulations, the firms will learn what kind of influence, if any, their investments have earned.

Go deeperArrowNov 23, 2019