Good morning. Similar to the volatility observed in April, market uncertainty increased in October amid renewed concerns over a potential flare-up in the U.S.–China trade war. Lynn Martin, president of the New York Stock Exchange (NYSE) Group, offered some advice for business leaders.
“Stay calm, invest for the long term,” Martin said during our discussion at the Fortune Most Powerful Women Summit in Washington, D.C., this week. “Keep doing the things you’re doing to drive business,” she told the audience. “Our economy is super strong. The fundamentals are good. The banks are doing well. There’s a vibrancy associated with the dealmaking environment.” Big banks reported strong earnings this week.
Martin noted that public listings on the NYSE have come roaring back in 2025. “The IPO market is really, really strong,” she said. “We’ve had a great year so far across all sectors.”
The digital finance sector, in particular, has performed especially well—from crypto exchanges to stablecoin firms like Circle, which held its IPO on the NYSE, she said. In design and fintech, notable IPOs included Figma and Klarna. She’s hearing from CEOs who are eager for the government to reopen, which indicates further activity.
Martin applauded the U.S. Securities and Exchange Commission (SEC) for issuing updated guidance last week that allows some IPOs to move forward under a 20-day effectiveness rule due to the recent government shutdown.
She also said she doesn’t necessarily see headwinds for companies pursuing IPOs, but noted that many are choosing to stay private for longer. “Some of that is due to the costs of being a public company,” she said.
“We’re incredibly optimistic about the proposal that SEC Chair Paul Atkins recently issued to give CFOs the option of semiannual reporting,” Martin added. “I don’t know how many CFOs will actually take the SEC up on that.”
Atkins announced last month that the SEC would propose a rule change allowing publicly traded companies to opt for semiannual rather than quarterly reporting.
Martin said semiannual reporting could help private companies ease into the public markets. The NYSE has long advocated this approach, she added.
“I think the rigidity around reporting has become onerous, and there’s a cost associated with that,” she said. “There’s a scaffolding that comes with being a public company—the quarterly earnings calls, the prep work, the roadshows, the disclosures upon disclosures. Simplifying some of those requirements would certainly lessen the cost.”
Resilience and adaptability continue to define the companies that endure.
Have a good weekend.
Sheryl Estrada
sheryl.estrada@fortune.com
