Analiza porównawcza NewConnect i innych europejskich rynków alternatywnego systemu obrotu akcjami
New connect and other european multilateral trading facilities - comparable analysis

Summary/Abstract: Presently thirteen MTFs (Multilateral Trading Facilities) addressed to SMEs are doing their activity in Europe. They are organized according to the MIFiD Directive EC 2004/39/EC. A comparable analysis of the NewConnect and other European MTFs includes: number of listed companies on each domestic MTF and its share in total number of public companies, market capitalization (MC) of MTS and its share in total MC of MTF's and main exchanges, money raised (incl. value stock issued, IPO), delistings (incl. transfer to main markets), admission requirements. The Alternative Investment Market in London, set up in 1995, became a benchmark for all European MTSs. The NewConnect is the second biggest in Europe MTF as far as the number of listed companies is concerned (406 in comparison with 1115 for AIM). The further development of the NewConnect will depend on the future of the Warsaw Stock Exchange. A consolidation process of stock exchanges takes place in Europe (NYSE Euronext, NASDAQ OMX Nordic, CEESEG in Vienna, LSE + Borsa Italiana). The Management of the Warsaw Stock Exchange and Deutsche Borse introduced restrictive regulations and disclosure requirements on Newc Connect and Entry Standard to increase the transparency of listed companies and the safety of investors.

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