News Summary

• The trend is towards greater convergence between public and private markets.
• A levelling of the playing field is necessary.
• Fuller reporting in private markets is the only sensible policy.
• If the industry is successful in making private shares and debts more reliably and easily bought and sold, more people are going to trade them.
• Public markets will have it andPrivate markets will not.
• Maybe that promotes investment and growth, or more likely, it encourages more companies to stay or go private so they can cut corners in reporting.