OTC Markets’ growth raises questions over value of stock exchanges

OTC Markets shows that both medium-size domestic companies and large overseas ones can be publicly quoted in the US without exchange listings.

Direct listings continued to trickle through in the second half of 2021.

US digital analytics company Amplitude, whose customers include Instacart, Shopify and Under Armour, achieved a $7 billion valuation on Nasdaq at the end of September. Online designer spectacles company Warby Parker quickly followed, achieving a $6 billion valuation on the New York Stock Exchange (NYSE).

It is no longer purely a US phenomenon. Wise, the remittance fintech formerly known as TransferWise, was valued at £9 billion in the first large direct listing on the London Stock Exchange in July.

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