Skip to main content
The Globe and Mail
Support Quality Journalism
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
Just$1.99
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to globeandmail.com
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); }
Coronavirus information
Coronavirus information
The Zero Canada Project provides resources to help you make the most of staying home.
Visit the hub

Nasdaq Inc. is hopeful initial public offerings will pick up in the second half of 2020, but much depends on how well companies and investors emerge from the coronavirus pandemic, the head of the exchange operator said on Wednesday.

Nasdaq had a strong pipeline of companies wanting to go public this year, but most IPO activity dried up after the first six weeks as markets were up-ended by the coronavirus crisis, Nasdaq Chief Executive Officer Adena Friedman told the Economic Club of Washington, DC.

“Most companies are either just waiting for a better moment, when investors are more ready to put some risk capital to work, or they are being disrupted in their business models and they’re going to have to be able to demonstrate how they can bounce back or how resilient they are through that before investors are going to take that risk with them,” she said.

Story continues below advertisement

Nasdaq has had 30 U.S. market debuts so far this year, but just two in the past several weeks, including Keros Therapeutics, which held its IPO on Wednesday, popping more than 40% intraday on its first day of trading. There currently no other IPOs on the calendar.

The benchmark S&P 500 is down nearly 20% from its record high in mid-February, despite big gains early this week, as measures to contain the virus brought the U.S. economy to a virtual halt.

No matter the direction of the market or the size of the moves, keeping the markets open is of paramount importance as it has a direct affect on investor confidence, said Friedman, who is also a board member of the New York Federal Reserve.

“Investors have put hard-earned savings into the market,” she said. “Now at a time when they are facing a lot of disruption themselves, if you close the market and choke off access to their savings, at a moment when they might need it the most, that is obviously a big break in trust and so when you reopen the market, you can imagine that they would race to the door.”

The spike in trading volumes during the crisis has benefited Nasdaq, which makes around 25% of its revenues from exchange transactions, and the company is not planning any layoffs for its around 4,000 employees, across 30 countries, most of whom are working from home, Friedman said.

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies