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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Let's turn to the IPO market. Mountain and Hinge how

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Speaker 2: making strong trading debuts on the NICE last week, both

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Speaker 2: pricing at the top of their ranges and seeing strong

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Speaker 2: demand despite ongoing uncertainty around tariffs and consumer health. Joining

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Speaker 2: us now, the President of the New York Stock Exchange,

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Speaker 2: Lynn Martin. Lynn is going to see you.

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Speaker 1: Great to be here.

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Speaker 2: Before we get to these trading debuts and maybe some

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Speaker 2: IPOs coming through, I just want to talk to you

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Speaker 2: about the amount of volume that's come through your business

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Speaker 2: through the year so far. Just walk us through it.

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Speaker 1: Yeah. If I look back on this year, it's been

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Speaker 1: a year unlike any other, both from the demands on

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Speaker 1: our system and the liquidity in our system manifesting itself

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Speaker 1: in trading volumes. Now, if you look at that period

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Speaker 1: between Liberation Day and the pause, we saw records in

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Speaker 1: terms of messaging traffic hitting around one point two trillion

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Speaker 1: incoming order messages that we processed with thirty microseconds median

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Speaker 1: response time on two of those days. And then if

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Speaker 1: you look at the amount of transactions that occurred on

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Speaker 1: our platform and the equity markets as a whole, I mean,

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Speaker 1: in average days around sixteen billion trades, and now during

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Speaker 1: that period we have thirty billion. It's just unprecedented. It's

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Speaker 1: more than two times the amount of volume both from execution,

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Speaker 1: from actual trades as well as from messaging then we

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Speaker 1: saw during COVID. Now you remember how active COVID was.

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Speaker 1: There's been a variety of reasons why we've seen that.

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Speaker 1: I think, do.

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Speaker 2: You think it's something we take for grants it the

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Speaker 2: infrastructure hold again and the way it has done.

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Speaker 1: I think it's something that we at the NYS spend

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Speaker 1: a tremendous amount of time thinking about and planning for.

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Speaker 1: We hope you take it for granted because that means

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Speaker 1: we're doing our job. Our job is to ensure that

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Speaker 1: the markets are open and efficient so you can manage risk,

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Speaker 1: particularly during those incredibly uncertain times like we saw in April.

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Speaker 3: We saw an incredible amount of volume on the second

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Speaker 3: markets of existing companies that have existing shares. This was

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Speaker 3: supposed to be the year of IPOs, of deals, of

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Speaker 3: all sorts of capital markets activity. Where are we in that.

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Speaker 3: Are we seeing a revival of that as people get

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Speaker 3: a little bit more confidence around trade or is it

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Speaker 3: still really kind of being iced.

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Speaker 1: Yeah, So initially this year when I was with you

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Speaker 1: both in Davos, I was incredibly excited. You know, I

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Speaker 1: still am really excited about the IPO markets. I think

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Speaker 1: Mountain and Hinge last week going and doing so incredibly well,

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Speaker 1: both pricing at the high end of the range, both

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Speaker 1: up significantly over their IPO prices just in their first

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Speaker 1: two days of trading. Are the sign of what I

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Speaker 1: was talking about with you both in Davos, and that

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Speaker 1: there's a tremendous amount of demand for new issuance in

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Speaker 1: the market. Portfolio managers I talk to long only funds

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Speaker 1: I talk to, they want new issues in the market.

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Speaker 1: So I think you're starting to see these companies now

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Speaker 1: come to market now that the vis has come back

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Speaker 1: to earth, come back to that twenty ish level, and

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Speaker 1: you're not seeing as much of the intra day swings

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Speaker 1: as a result.

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Speaker 3: Can you you talked about Davos, I'm just wondering the

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Speaker 3: enthusiasm you have, then, can you give a sense of

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Speaker 3: how much lower the volume.

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Speaker 2: Of IPOs or deals you expect.

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Speaker 3: To be for the remainder of this year now, then

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Speaker 3: say in January, based on the uncertainty and based on

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Speaker 3: what hasn't gotten done over the first half the year.

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Speaker 1: I'm actually still optimistic that the same amount of IPOs

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Speaker 1: will go. It's just shifted out. If I look in

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Speaker 1: the case of Mountain and Hinge, they were targeting early April.

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Speaker 1: You've seen StubHub flip You've seen clarin a flip circle

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Speaker 1: when on the road this morning, which is an IPO

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Speaker 1: we're incredibly excited about happening just next week. So I

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Speaker 1: think you're starting to see that group of companies that

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Speaker 1: was public market ready get out of the gates. So

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Speaker 1: I'm optimistic. I'm optimistic that the second half of this

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Speaker 1: year is going to be when you start to see

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Speaker 1: these bigger names come to market.

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Speaker 2: Do we need clarity on the policies in Washington first?

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Speaker 2: And how disruptive has that been for your business? I

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Speaker 2: remember the President on the stock exchange floor alongside you.

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Speaker 2: This is not what we all expected. This has been

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Speaker 2: chaotic for a lot of people. Do we need some

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Speaker 2: clarity on those issues to see the Canada plant and

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Speaker 2: the way that you expect.

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Speaker 1: So I think there's just been some uncertainty in the market.

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Speaker 1: You can't you can't argue that if you're a good company. Though,

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Speaker 1: if you're a company that has made the plans to

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Speaker 1: go public, which many have their public company ready, I

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Speaker 1: think they can go in any market, particularly when you

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Speaker 1: look at certain sectors. Crypto is certainly a sector where

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Speaker 1: there's a lot of optimism. Still, some companies are still

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Speaker 1: trying to weigh the benefits or the issues associated with tariffs,

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Speaker 1: and that's going to be a movable feast throughout the

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Speaker 1: course of the year.

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Speaker 2: Everyone around this table is incredibly pro America. You and

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Speaker 2: I run a panel together. You mentioned DeVos, and we've

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Speaker 2: been talking about American exceptionalism, and then all of a

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Speaker 2: sudden people are talking about peak American exceptionalism and the

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Speaker 2: rest of the world. Can we have a final word

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Speaker 2: from you on that the future of America and American exceptionalism.

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Speaker 1: There's nothing that beats our capital markets. There's no substitute

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Speaker 1: for our capital markets. They're the deepest, most liquid in

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Speaker 1: the world. They continue to be the envy of a world.

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Speaker 1: The geopolitical situation, though, is a conversation. I think that's

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Speaker 1: where I'll leave it.

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Speaker 2: That's a diplomatic way of putting bit good to see you,

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Speaker 2: good to see you being Carelyn Martin There, the president

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Speaker 2: of the New York Stock Exchange,