A dispute between investors and US stock exchanges has put the brakes on proposals to allow capital raisings to become part of direct listings.
In an unusual development, a New York Stock Exchange (NYSE) rule allowing companies to issue new stock was approved by the Securities and Exchange Commission (SEC) on August 26, only to be withdrawn on August 31 in the face of a protest by the Council of Institutional Investors (CII), which it followed up with a formal petition on September 8.
The
