The IPO pipeline has been extremely slow in the third quarter, closely mirroring the first quarter of this year. Jackie Kelley, IPO Leader at EY, said a choppy market and easy access to cash is keeping more firms private longer. 'Volatility is the enemy of the IPO market,' said Kelley. 'We’ve been strung along by what’s going to happen with interest rates and we had the China markets close and that had a rippling effect throughout global markets.' According to EY, the market has seen 30 IPOs, which raised $3.5 billion, in the United States in the third quarter, bringing the year to date total to 134. The third quarter of 2014 saw 86 deals, raising $16.8 billion. The second quarter of 2015 was much brighter, and more on track with 2014, with a total of 71 listings. Kelley said the diminished output puts the overall pipeline in jeopardy of being the lowest since 2009. She added that while there are plenty of companies, including high profile technology platers like Uber and Airbnb, that will most likely eventually IPO, they are not currently in the pipeline for the immediate future.