When we started thinking about the timing for a roundtable, we thought the first half of September would be a fantastic time to do it, because it would coincide with a market lull. We were totally wrong. We’ve had Alibaba launch [and subsequently price] its IPO on the New York Stock Exchange. We’ve had Citizens Financial launch another multibillion dollar IPO. And we expect a number of sizeable IPOs to launch in the coming weeks. Capital markets are undergoing seismic shifts that are often hard

IFR: Phil, we’d like to start with you, if I may. What has been driving the phenomenal levels of capital formation we have seen in the IPO market? PHIL DRURY, CITIGROUP: As equity capital markets professionals, we’re pleased to have seen how robust IPO volumes have been in both 2013 and 2014. IPO volumes are up close to 20% year-over-year [pre-Alibaba]. It helps to have the S&P 500 setting new highs and breaching 2,000. Generally speaking, a lot of issuers, whether they be corporate issuers

IFR: Ed, you might have the best perspective as a starting point for what the process might be like and how you employ blocks.   LAW, KKR: The topic of blocks is clearly an interesting one, and it’s been interesting to watch the evolution in the US market in recent years in that regard as well. There are so many areas for debate around that topic. One, is the block trade naturally the right route to monetise your equity through? Sometimes it is, sometimes it isn’t. If you’re seeking to build a l

IFR: Just to switch gears a little bit, Matt, one of the big trends we’ve seen this year has been the increasingly prominent role of independent advisers in some high-profile ECM deals. It’s a concept that isn’t always entirely embraced by the Wall Street banks. Can you explain to us the role that independent advisers play and why there has been a bigger role for them to play, it seems, in the US recently?   MATTHEW SPERLING, ROTHSCHILD: Rothschild has had a full service platform on the ground i

Andrew Apthorpe RBC Capital Markets Andrew Apthorne is a managing director and global co-head of equity-linked origination at RBC Capital Markets, responsible for pioneering the bank’s convertible and corporate equity derivative franchise. Over 18 years, Apthorpe has developed equity-linked product and marketing solutions for corporate and buy-side clients across the globe. Philip Drury Citigroup Philip Drury is a managing director and head of equity capital markets origination for the Americas