Your day-to-day exchange contact is rarely the final decision-maker.

Listing managers and BD representatives function as internal advocates. Their role is to assess fit, shape the proposal, and escalate aligned opportunities to internal investment committees or senior stakeholders.

At Tier 1 venues, final approval is typically concentrated at the executive level — often involving senior leadership or C-Suite review. The negotiation you see externally is only one layer of a broader internal decision process.