Nasdaq partners with major banks

NEW YORK:

Nasdaq on Tuesday partnered with big US banks, including Goldman Sachs and Morgan Stanley, to separate its platform that allows people to trade in shares of private companies, which have seen strong interest from investors seeking lofty returns on investments. Since interest rates were slashed to near zero across the globe at the start of the coronavirus pandemic, investors have sought out other sources of yield, making investments in private entities an attractive option. As part of the deal, Nasdaq Private Market will become a standalone, independent company that will receive investments from SVB Financial Group, Citigroup Inc, Goldman Sachs Group Inc, and Morgan Stanley, the stock exchange operator said on Tuesday. Financial terms of the venture were not disclosed. The platform will manage private company stock transactions such as tender offers, auctions and investor block trades, Nasdaq said.

Published in The Express Tribune, July 21^st, 2021.

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