歐洲新市場簡介

全歐洲范圍的歐洲新市場(EVRO-NM)是在法國新興證券市場(Nouveau Market)的基礎上發展而成的。

歐洲新市場，是由德國、法國、比利時、荷蘭四國證券交易所的新市場所組成的網絡市場。

創立歐洲新市場的宗旨是，為具有創新精神的高成長的中小企業提供上市融資機會，并為投資者提供買賣這些股票的交易場所。作為聯接這些成員的網絡，歐洲新市場為成員國的高成長中小企業提供了融資窗口，使它們能夠接觸到歐洲范圍甚至更廣泛的投資者。

What is EURO.NM?

The need and the opportunity to set up a European market for shares of innovative high growth companies are obvious. Several studies by the European Union, the European Venture Capital Association (EVCA) and financial institutions as well as the rising number of European companies applying for a Nasdaq listing have highlighted this fact.

Innovative companies, and more generally small and medium-sized enterprises are key components of European economies. It is essential that such companies not relocate elsewhere because they are the most dynamic and make the greatest contribution to employment and job creation. One of the main issues posed by such companies is their difficulty in raising capital. Many companies in Europe - particularly those that have been in operation for only a short time - need considerable amounts of capital to finance their growth, but are unable to find it on existing markets or through the banking system. Such companies are:

• recently founded companies seeking financing for a specific business project
• high-technology enterprises with a focus on new product development
• companies with high growth potential
• companies owned by their founders who are now seeking new partners
• rapidly expanding companies about to enter a new stage in their development.

The lack of long-term capital for these companies has a negative effect on all European economies, jeopardizes further development in growth industries and weakens Europes international competitiveness.

A successful market for growth companies has to be:

• European in order to offer the appropriate diversification to investors
• easily accessible to a large number of financial intermediaries
• decentralized in order to meet the diversity of corporate reality across the EU
• regulated to provide security, transparency and integrity
• cost effective.

The Brussels, Paris, Frankfurt and Amsterdam stock exchanges have decided to join forces to realize a network of markets that meet these requirements. Besides establishing domestic markets geared to the respective national needs, EURO.NM was created to allow for the European dimension and to guarantee easy access.

National Projects

The Paris Bourse launched its new market Le Nouveau Marché on February 14, 1996. Trading started on March 20, 1996, and more than 20 companies are already listed. The total amount of these IPOs is more than 1.8 billion FF.

NMAX, the Nieuwe Markt in Amsterdam, was launched on February 20, 1997, the first listings took place in April 1997. Because of the favorable reaction from the financial community and potential issuers, NMAX is confident of meeting its target of 10 companies by the end of the year.

Neuer Markt of Deutsche B?rse in Frankfurt was opened on March 10, 1997. The first two companies to list were cellular phone service provider MobilCom and the automotive engineering company Bertrandt. The two companies alone have a market capitalization of more than 600 million DM.

EURO.NM Belgium, the new market of the Brussels Stock Exchange had its first listing in April 1997. 5 to 10 companies are expected to list within the first year.

European Approach

EURO.NM was set up in the legal form of a European Economic Interest Group in an effort to alleviate the constraints to the realization of a European stock market. Harmonization of national regulations has progressed significantly with the Investment Services Directive and other EU initiatives. However, there are still no common rules and regulations for the secondary markets, no common European law regarding companies, no central supervisory authority and no common code of conduct for all participants. Any market striving to achieve a genuinely European dimension has therefore to be decentralized according to the principles of subsidiarity and at the same time show its unity by a high degree of harmonization and integration. Under these circumstances, EURO.NM represents the most efficient approach for the creation of a pan-European stock market:

EURO.NM is designed to build a decentralized European stock market, based on a network of similar national markets. A common data feed will be operational in the course of 1997. Technical and regulatory aspects of cross membership are currently discussed. Cross membership of intermediaries will be implemented as soon as possible.

EURO.NM is a very flexible organization with the task of defining the minimum requirements necessary to link these new markets according to the principles of subsidiarity. EURO.NM members have signed a Markets Harmonization Agreement which establishes rules and regulations of this European network. The agreement defines the minimum standards to be adopted by each member of the grouping. The common standards concern listing requirements for issuers, membership and market rules.

• Listing applications are submitted to market authorities in the country where listing is requested. Approval is based on the prospectus, a description of risk factors (if appropriate) as well as a minimum commitment of the listing adviser / market makers of one year.
• Listed companies are required to publish quarterly reports.
• Management holding shares must undertake to keep 80% of their shares for a minimum of 6 months
• The agreement defines the roles of the intermediaries, listing advisers, market makers and traders, all of which must be providers of investment services as defined by the European ISD.

• Finally, the agreement provides for a market network combining a central orderbook with market making - a structure able to handle orders from individual shareholders as well as institutionals, in compliance with the ISD.

The EURO.NM framework is designed to respect each markets autonomy and initiative while ensuring the necessary degree of coordination and cooperation between them. It provides a clear European identity at low cost. By pooling resources and by utilizing existing trading systems the markets can be operated at marginal cost. In order to attract investors, as well as issuers, the markets will provide excellent and reliable services at reasonable prices.

The four members of EURO.NM form the core of the European stock market for small and medium-sized companies with high growth potential.