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David Weild IV

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David Weild IV
Photo by Yolanda Perez
Alma materWesleyan and New York University's Stern School of Business
OccupationInvestment banker
Known forFormer Vice Chairman of NASDAQ

David Weild IV is an American investment banker, financial commentator and former Vice Chairman of NASDAQ. He is currently the Founder, Chairman and CEO of Weild & Co. Inc., parent company of the investment banking firm Weild Capital, LLC.[1] Weild is also known as the "father" of the JOBS Act, and involved in policy discussions including drafting legislation for the US Congress.[2]

Early life

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Weild graduated from Hotchkiss School preparatory in 1974, then went on to earn a B.A. from Wesleyan and an M.B.A. from New York University's Stern School of Business.[3]

Career

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Weild held senior management roles at Prudential Securities during the initial 14 years of his career.[3] In the mid-1990s, he served as head of global equity transactions.[4] In 1999, he transitioned from leading the firm’s technology investment banking business to oversee PrudentialSecurities.com[5] and later managed customer-facing internet services within Prudential Financial.[6]

He subsequently joined NASDAQ,[7] where he served as executive vice president for corporate clients and later as vice chairman.[8] He left the organization in July 2003[9] to become CEO of the National Research Exchange.[10] He later founded Capital Markets Advisory Partners and simultaneously led the Capital Markets Group of Grant Thornton LLP.[8][11] Capital Markets Advisory Partners was later renamed Weild & Co. Holdings.[12]

In December 2002, he was elected as Chairman Emeritus of Tuesday’s Children, a charity organization whch supports families affected by 9/11 and US military families that lost a family member.[13]

Writings and legislative efforts

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Restructuring US stock markets

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Weild has been associated with discussions on U.S. initial public offering (IPO) regulations and equity market structure. His views were referenced in a 1994 Businessweek cover story addressing IPO-related issues.[4][non-primary source needed]

Over time, he has contributed opinion pieces to various business publications. In August 2010, he wrote in the Financial Times about equity market structure and its impact on smaller investors.[14] In October 2011, he published an op-ed in The Wall Street Journal discussing the idea of a stock market designed to support smaller companies.[15]

During his career, Weild has been involved in equity capital markets, including participation in more than 1000 equity offerings.[16] His research and analysis have been cited in financial media; for example, The Economist referenced work associated with him in a 2009 discussion on market structure and trends in public listings.[17]

In February 2012, he contributed an article to Crain's New York Magazine about rebuilding the IPO market for smaller firms, especially in the shadow of the failed Facebook IPO.[18] Around the same period, U.S. policymakers introduced legislative changes related to capital formation. Coverage of these developments has included references to various market participants and advocacy efforts, including those associated with Weild.[19]

Some media coverage has characterized his role in discussions on small-cap markets and IPO activity, including descriptions in financial press highlighting his focus on these areas.[20] He also contributed to the 2012 book Broken Markets, published by Financial Times Press, which examined issues related to market structure and public company trends.[21]

JOBS Act

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Weild participated in policy discussions concerning U.S. capital markets and initial public offering (IPO) regulation. On June 20, 2012, he provided testimony to the U.S. House of Representatives Committee on Financial Services during a hearing on market structure and capital formation.[11] In his testimony, he addressed issues related to equity market structure, including the impact of tick size on IPO activity.

He has also been involved in discussions with regulatory and advisory bodies, including contributions to hearings and consultations focused on small and emerging companies.[22][23]

The Jumpstart Our Business Startups Act was enacted in April 5, 2012. Contemporary reporting and policy analysis of the legislation reference a range of contributors, including policymakers, industry participants, and researchers. Studies co-authored by Weild and Edward Kim have been cited in discussions relating to IPO market structure and capital formation.[24]

The JOBS Act was signed into law by the President in April 2012. The final bill relied heavily on studies done by Weild and coauthor Edward Kim. Some media sources have characterized Weild’s role in advocacy surrounding capital markets reform, including descriptions of his involvement in debates leading up to the legislation and efforts have led him to be known as the "Father" of the JOBS Act.[25]

Views on US IPO markets

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Weild has written and spoken about U.S. equity market structure, including proposals intended to support small-cap companies and increase initial public offering (IPO) activity. In 2012, he discussed the possibility of establishing a stock market designed to address the financing and aftermarket needs of smaller companies.[26]

Among the issues he has raised is the structure of minimum price increments, or “tick sizes,” used in equity trading. He has argued that alternative tick sizes, such as increments larger than one cent, could affect liquidity and market participation in small-cap stocks.[27] He has also suggested that changes in market structure and incentives for intermediaries could influence IPO activity and capital formation.

Weild has cited historical comparisons in discussing trends in the number of publicly listed companies in the United States, including estimates regarding IPO levels required to maintain historical totals.[28]

Empirical research on these issues has produced differing findings. A pilot program conducted by FINRA and reported in 2018 examined the effects of wider tick sizes on small-cap stocks. The study found that, relative to a control group, quoting in larger increments was associated with reduced trading activity and did not increase the number of market makers.[29]

Weild has expressed disagreement with the conclusions of that study and has questioned aspects of its methodology.[30]

Personal life

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Weild is the brother of stage actress, director, and choreographer Kim Weild. He is married. His first child was born in 2001.[citation needed]

References

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  1. ^ "Team". Retrieved November 11, 2013.
  2. ^ LSI - Life Science Intelligence™ (2022-03-24). David Weild IV, Weild & Co., Vice-Chairman NASDAQ (former) | LSI USA 2022 Emerging Medtech Summit. Retrieved 2024-07-08 – via YouTube.
  3. ^ a b "AUGUST 2012: DAVID WEILD IV '74". August 1, 2012. Archived from the original on June 20, 2015. Retrieved December 28, 2012.
  4. ^ a b Cover story (April 3, 1994). "Beware The Ipo Market". Businessweek. Archived from the original on December 4, 2014. Retrieved December 28, 2012.
  5. ^ PATRICK McGEEHAN with LAURA M. HOLSON (November 25, 1999). "Insurer Unit Set to Acquire Investing Firm". The New York Times. Retrieved December 28, 2012.
  6. ^ "New Jobs". Investment News. November 22, 1999. Retrieved December 28, 2012.
  7. ^ David Henry (April 29, 2001). "What Else Can Go Wrong at Nasdaq? Well..." Businessweek. Retrieved December 28, 2012.{{cite magazine}}: CS1 maint: deprecated archival service (link)
  8. ^ a b "David Weild Iv, Founder & Chairman Capital Markets Advisory Partners". October 9, 2012. Archived from the original on December 29, 2012. Retrieved December 28, 2012.
  9. ^ "Nasdaq brings in Aust and Blatney". July 8, 2003. Retrieved December 28, 2012.
  10. ^ Julia Boorstin (February 14, 2006). "A seal of approval for small-company investments". CNN Money. Archived from the original on February 13, 2006. Retrieved December 28, 2012.
  11. ^ a b "Hearing on market structure: Ensuring orderly, efficient, innovative and competitive markets for issuers and investors" (PDF). U.S. House of Representatives. June 20, 2012. Retrieved December 28, 2012.
  12. ^ "David Weild on Bloomberg". Retrieved December 28, 2012.[permanent dead link]
  13. ^ "David Weild IV". Dignity Gold. Retrieved 2024-07-09.
  14. ^ David Weild (August 30, 2010). "Equity market structure caters to interests of the few". Financial Times. Retrieved December 28, 2012.
  15. ^ David Weild (October 27, 2011). "How to Revive Small-Cap IPOs". The Wall Street Journal. Retrieved January 3, 2012.
  16. ^ "David Weild Bio" (PDF). Archived from the original (PDF) on June 20, 2015. Retrieved December 28, 2012.
  17. ^ "High-speed slide". The Economist. November 12, 2009. Retrieved January 3, 2012.
  18. ^ David Weild (February 12, 2012). "Rebuilding the IPO market". Crain's New York Business. Retrieved December 28, 2012.
  19. ^ "New Markets Movement Takes Aim at Sarbanes-Oxley". TheStreet.com. January 17, 2012. Retrieved December 28, 2012.
  20. ^ Russ Garland (January 13, 2012). "Movement Aims To Rally Investors To Fix IPO Market". The Wall Street Journal. Retrieved January 3, 2013.
  21. ^ Rodney Sullivan (23 November 2012). "Book Review: Broken Markets". CFA Institute.
  22. ^ "Background Materials Provided to Members". SEC. June 8, 2012. Retrieved December 28, 2012.
  23. ^ David Weild and Edward Kim (September 7, 2012). "Making stock markets work for the economy: The trouble with small tick sizes" (PDF). SEC.
  24. ^ Sal L. Arnuk, and Joseph C. Saluzzi (2012). Broken Markets: How High Frequency Trading and Predatory Practices on Wall Street are Destroying Investor Confidence and Your Portfolio. FT Press. p. 196. ISBN 9780132875264. Retrieved January 3, 2013.
  25. ^ "David Weild IV". Retrieved October 11, 2013.
  26. ^ Emily Lambert (March 23, 2011). "Trading Places". Forbes. Retrieved December 28, 2012.
  27. ^ Telis Demos (December 12, 2012). "On Second Thought, Fractions May Not Add Up". The Wall Street Journal. Retrieved December 28, 2012.
  28. ^ "Market structure is causing the IPO crisis" (PDF). Grant Thornton LLP. 2010.
  29. ^ "Assessment of the Plan To Implement A Tick Size Pilot Program" (PDF). Financial Industry Regulatory Authority. August 2, 2018. Retrieved September 25, 2018.
  30. ^ Bill Alpert (September 14, 2018). "Congress' Failed Stock Market Experiment Cost Investors $900 Million". Barron's. Retrieved September 25, 2018.
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