欧洲新市场（EuroNewMarket,Euronm／EVRO-NM）

欧洲新市场网站网址：http://www.euronm.com

欧洲新市场简介

全欧洲范围的欧洲新市场(EVRO-NM)是在法国新兴证券市场(NouveauMarket)的基础上发展而成的。

欧洲新市场，是由德国、法国、比利时、荷兰四国证券交易所的新市场所组成的网络市场。

创立欧洲新市场的宗旨是，为具有创新精神的高成长的中小企业提供上市融资机会，并为投资者提供买卖这些股票的交易场所。作为联接这些成员的网络，欧洲新市场为成员国的高成长中小企业提供了融资窗口，使它们能够接触到欧洲范围甚至更广泛的投资者。

WhatisEURO.NM?

TheneedandtheopportunitytosetupaEuropeanmarketforsharesofinnovativehighgrowthcompaniesareobvious.SeveralstudiesbytheEuropeanUnion,theEuropeanVentureCapitalAssociation(EVCA)andfinancialinstitutionsaswellastherisingnumberofEuropeancompaniesapplyingforaNasdaqlistinghavehighlightedthisfact.

Innovativecompanies,andmoregenerallysmallandmedium-sizedenterprisesarekeycomponentsofEuropeaneconomies.Itisessentialthatsuchcompaniesnotrelocateelsewherebecausetheyarethemostdynamicandmakethegreatestcontributiontoemploymentandjobcreation.Oneofthemainissuesposedbysuchcompaniesistheirdifficultyinraisingcapital.ManycompaniesinEurope-particularlythosethathavebeeninoperationforonlyashorttime-needconsiderableamountsofcapitaltofinancetheirgrowth,butareunabletofinditonexistingmarketsorthroughthebankingsystem.Suchcompaniesare:

recentlyfoundedcompaniesseekingfinancingforaspecificbusinessproject

high-technologyenterpriseswithafocusonnewproductdevelopment

companieswithhighgrowthpotential

companiesownedbytheirfounderswhoarenowseekingnewpartners

rapidlyexpandingcompaniesabouttoenteranewstageintheirdevelopment.

Thelackoflong-termcapitalforthesecompanieshasanegativeeffectonallEuropeaneconomies,jeopardizesfurtherdevelopmentingrowthindustriesandweakensEuropesinternationalcompetitiveness.

Asuccessfulmarketforgrowthcompanieshastobe:

Europeaninordertooffertheappropriatediversificationtoinvestors

easilyaccessibletoalargenumberoffinancialintermediaries

decentralizedinordertomeetthediversityofcorporaterealityacrosstheEU

regulatedtoprovidesecurity,transparencyandintegrity

costeffective.

TheBrussels,Paris,FrankfurtandAmsterdamstockexchangeshavedecidedtojoinforcestorealizeanetworkofmarketsthatmeettheserequirements.Besidesestablishingdomesticmarketsgearedtotherespectivenationalneeds,EURO.NMwascreatedtoallowfortheEuropeandimensionandtoguaranteeeasyaccess.

NationalProjects

TheParisBourselauncheditsnewmarketLeNouveauMarchéonFebruary14,1996.TradingstartedonMarch20,1996,andmorethan20companiesarealreadylisted.ThetotalamountoftheseIPOsismorethan1.8billionFF.

NMAX,theNieuweMarktinAmsterdam,waslaunchedonFebruary20,1997,thefirstlistingstookplaceinApril1997.Becauseofthefavorablereactionfromthefinancialcommunityandpotentialissuers,NMAXisconfidentofmeetingitstargetof10companiesbytheendoftheyear.

NeuerMarktofDeutscheBörseinFrankfurtwasopenedonMarch10,1997.ThefirsttwocompaniestolistwerecellularphoneserviceproviderMobilComandtheautomotiveengineeringcompanyBertrandt.Thetwocompaniesalonehaveamarketcapitalizationofmorethan600millionDM.

EURO.NMBelgium,thenewmarketoftheBrusselsStockExchangehaditsfirstlistinginApril1997.5to10companiesareexpectedtolistwithinthefirstyear.

EuropeanApproach

EURO.NMwassetupinthelegalformofaEuropeanEconomicInterestGroupinanefforttoalleviatetheconstraintstotherealizationofaEuropeanstockmarket.HarmonizationofnationalregulationshasprogressedsignificantlywiththeInvestmentServicesDirectiveandotherEUinitiatives.However,therearestillnocommonrulesandregulationsforthesecondarymarkets,nocommonEuropeanlawregardingcompanies,nocentralsupervisoryauthorityandnocommoncodeofconductforallparticipants.AnymarketstrivingtoachieveagenuinelyEuropeandimensionhasthereforetobedecentralizedaccordingtotheprinciplesofsubsidiarityandatthesametimeshowitsunitybyahighdegreeofharmonizationandintegration.Underthesecircumstances,EURO.NMrepresentsthemostefficientapproachforthecreationofapan-Europeanstockmarket:

EURO.NMisdesignedtobuildadecentralizedEuropeanstockmarket,basedonanetworkofsimilarnationalmarkets.Acommondatafeedwillbeoperationalinthecourseof1997.Technicalandregulatoryaspectsofcrossmembershiparecurrentlydiscussed.Crossmembershipofintermediarieswillbeimplementedassoonaspossible.

EURO.NMisaveryflexibleorganizationwiththetaskofdefiningtheminimumrequirementsnecessarytolinkthesenewmarketsaccordingtotheprinciplesofsubsidiarity.EURO.NMmembershavesignedaMarketsHarmonizationAgreementwhichestablishesrulesandregulationsofthisEuropeannetwork.Theagreementdefinestheminimumstandardstobeadoptedbyeachmemberofthegrouping.Thecommonstandardsconcernlistingrequirementsforissuers,membershipandmarketrules.

Listingapplicationsaresubmittedtomarketauthoritiesinthecountrywherelistingisrequested.Approvalisbasedontheprospectus,adescriptionofriskfactors(ifappropriate)aswellasaminimumcommitmentofthelistingadviser/marketmakersofoneyear.

Listedcompaniesarerequiredtopublishquarterlyreports.

Managementholdingsharesmustundertaketokeep80%oftheirsharesforaminimumof6months

Theagreementdefinestherolesoftheintermediaries,listingadvisers,marketmakersandtraders,allofwhichmustbeprovidersofinvestmentservicesasdefinedbytheEuropeanISD.

Finally,theagreementprovidesforamarketnetworkcombiningacentralorderbookwithmarketmaking-astructureabletohandleordersfromindividualshareholdersaswellasinstitutionals,incompliancewiththeISD.

TheEURO.NMframeworkisdesignedtorespecteachmarketsautonomyandinitiativewhileensuringthenecessarydegreeofcoordinationandcooperationbetweenthem.ItprovidesaclearEuropeanidentityatlowcost.Bypoolingresourcesandbyutilizingexistingtradingsystemsthemarketscanbeoperatedatmarginalcost.Inordertoattractinvestors,aswellasissuers,themarketswillprovideexcellentandreliableservicesatreasonableprices.

ThefourmembersofEURO.NMformthecoreoftheEuropeanstockmarketforsmallandmedium-sizedcompanieswithhighgrowthpotential.