Spanning the Globe: The View From NYSE Euronext

April 30, 2008 11:30 AM

NIRI-Chicago and the Society of Corporate Secretaries and Governance Professionals proudly co-sponsored this luncheon event with one of Wall Street's leaders: Noreen Culhane of NYSE Euronext.

Summary:
NYSE Euronext EVP Noreen Culhane gave a fact-filled talk at our April 30 luncheon. Culhane expects continued globalization of stock and futures exchanges worldwide – as well as "harmonization of regulations" – so get out your scorecards to track the growing number of alliances, such as NYSE Euronext's recently announced strategic cooperation agreement with Abu Dhabi Securities Market and investment in India's Multi-Commodity Exchange. Ultimately, Culhane expects to see only 5-6 global exchange groups that offer both derivatives and equities, rather than the historic model of single-asset-class exchanges within a single country. Good news for IROs: because she expects the "deepest liquidity" (highest volume of trading) will still occur during primary trading hours in a stock's home country, you won't need to get up at 2 a.m. to monitor trading in Asia. NYSE plans to launch enhancements late this summer to provide additional alerts about trading activity or news about your stock. Finally, Culhane – who is responsible for NYSE Euronext listings business in the Americas – sees no diminution of America's ability to land IPO listings, although she acknowledged that NYSE IPOs are "slower" this year even when you count ETF listings. Last year was the best year since 2000 for non-U.S. listings in part because there's more liquidity elsewhere in the world, but Culhane says non-U.S. companies still choose to list on NYSE due to both valuation and differentiation.

Noreen M. Culhane
Executive Vice President, Global Corporate Client Group
NYSE Euronext
Noreen Culhane is responsible for the exchange's listings business in the Americas. Culhane manages business development, client service, the IPO process and structured products for the Americas, as well as the exchange's global product marketing and listing strategy. Before joining the NYSE in 1997, Culhane spent 20 years at IBM, where her responsibilities included sales, services and relationship management for major domestic securities firms.

11:30 a.m. Registration and Networking
Noon - 1:30 p.m. Program

Sponsor:

Metropolitan Club, 66th Floor
(map)
Sears Tower
233 W. Wacker Drive
Chicago, IL