Summit Notebook

Exclusive outtakes from industry leaders

Nasdaq president to finance companies: come hither

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A fertile planting ground for tech, biotech and even some energy offerings, Nasdaq OMX has historically struggled to lure listings in some other areas, notably financial services.

Now, that could be about to change, Nasdaq OMX President Magnus Bocker said at the Reuters Exchanges and Trading Summit. As Nasdaq looks for ways to attract new listings and end a virtual drought in IPOs, it sees financial services firms as one of the most promising areas.

That Nasdaq would at least be hoping to narrow the gap in financial services listings with NYSE, the traditional ruler of the space, is not as out of left field as it might sound.

The exchange has already made some inroads and can point to some recent conquests like CME Group, which moved from a dual listing on Nasdaq and NYSE to a sole Nasdaq listing. Northern Trust, the fund administrator which has weathered the financial crisis with relative ease compared with some larger rivals, is another bright point.

NYSE if Grasso were in charge? Bankrupt, says Liquidnet CEO

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The emergence of off exchange stock trading in the United States in the past 10 years has eaten away at the market share of the New York Stock Exchange and Nasdaq by breaking their duopoly.

But those two U.S.-based exchanges have had strong management to help them weather the storm, Liquidnet CEO Seth Merrin said at the Reuters Global Exchanges and Trading Summit.

AUDIO – Wait a minute, we have to pay for all this stuff?

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Unfortunately, we do.

All the infrastructure projects in the world sound great! They look awesome on paper, they’ll make people’s lives better and they’ll let us go visit our friends and families in about half the time it used to take.

It’ll be a dream world!!

Well, unfortunately, we are going to have to pay for all these projects at some point and all of the guests at this year’s Reuters Infrastructure Summit acknowledge that the paying is the hardest part.

AUDIO – Everything has a cost

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There’s no such thing as a free lunch.

Or bridge. Or turnpike.

Every project we’re talking about at Reuters first-ever Reuters Infrastructure Summit has an enormous cost — sometimes in the hundreds of billions of dollars. And governments are looking for ways to pay for it all.

Enter public-private partnerships (or P3s as we cool, infrastructure types like to say these days). In these deals, governments will lease or sell an asset to a group of investors for a certain big up-front fee and then they will pay the government a certain per-year fee for the right.

AUDIO – Finding a model; then build, baby, build!

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Infrastructure spending. Public-private partnerships. Government buildouts.

This week, all of these kinds of phrases are much on the mind of our guests at the first ever Reuters Infrastructure Summit held in New York, San Francisco and Washington.

While infrastructure means different things to almost all of our guests (schools, roads, bridges, etc) — one of our first guests, Petra Todorovich, talked at length about the need for high speed rails.

from Funds Hub:

Watch hedge fund manager Colin McLean give his market outlook

McLean was speaking today at London leg of the Reuters Hedge Fund and Private Equity Summit.

from Funds Hub:

An unpleasant prospect

rtxd578There's no shortage of ill will towards bankers at the moment.

But some executives in the private equity and hedge funds industries feel they are getting beaten with the same stick by politicians and the public, despite feeling relatively blameless in this crisis.

BC Partners managing partner Andrew Newington, speaking at the Reuters Hedge Fund & Private Equity Summit in London today, explained.

from Funds Hub:

$3 trillion of hedge fund talent? “Absolute nonsense!”

The once-booming hedge fund industry has shrunk rapidly over the past 9 months to roughly $1-$1.4 trillion, as investors have pulled out their cash following some pretty lacklustre returns.

kfd05However, according to Mark Kary, chief executive of Polar Capital, the industry never really deserved to have grown to the best part of $3 trillion in the first place.

Audio – The family jewels

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This week’s annual Reuters Global Mining and Steel Summit has been a pretty rich event.

Oh, the guests have been stellar, for sure, but there’s also been a lot of talk about gold and jewelry and the prospect that maybe someday this lousy economy will turn around.

Audio – For best M&A results? Don’t forget the fish and the booze!

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There is an entire industry out there about what to do to make a merger a success. Many of us know bankers or lawyers who work for weeks and hours on end just to make sure their deals are perfectly done with all the t’s crossed and the i’s dotted.

Millions of dollars are spent on just teaching people the best way to get a transaction from idea to completion.

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