pre ipo
We are seeing a pickup in Pre IPO business, and we have carved out a niche for ourselves. But along with the activity comes a new set of challenges and risks - Pre IPO "Brokers" take our orders and rehash them as their own. Solid-source for sell side dealflow are seeing massive rehashing of orders as their own. Not an issue as long as you disclose there are other 'brokers' on the other side, however many are not doing this, causing order confusion. In a rare example a client outbid himself on a stock because he thought broker2 was representing a different block when it was in fact the same! Solution is a global rulebook like for FX, however it's doubtful that anyone would sign it or adhere to it. Thoughts?
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