“Transparency breeds trust,” Spotify CEO Daniel Ek tweeted after his company filed for a direct stock listing.

Ek is certainly right, and so it may be a bit churlish to point out that, whether a company goes public through an IPO or a direct listing, the SEC still requires a certain degree of transparency on financial and operational matters.

As expected, Spotify is listing its shares directly on the NYSE without the help of underwriters, although three Wall Street firms will receive a flat fee to act as advisors. Or, as Spotify put it in its F-1 filing, "the listing... is a novel method for commencing public trading in our ordinary shares..."