NewConnect in comparison with multilateral trading facilities in Europe. Irregularities in the functioning of the Polish MTF market

Roman Asyngier

Abstract


This paper presents an analysis of statistical data showing the development of the NewConnect market and its position in comparison with the other multilateral trading facilities in Europe. It will help to achieve the goal of the article that is defining activity areas of the NewConnect market which inhibit its development. On the basis of organizational and legal solutions used by selected European markets, some actions will be indicated which could be implied by an organizer of the NewConnect market in order to eliminate its functioning problems.

Keywords


NewConnect; Multilateral Trading Facilities; capital market; regulations; admission fees; Warsaw Stock Exchange

Full Text:

PDF (Język Polski)

References


AIM rules for Nominated Advisers: http://www.londonstockexchange.com/companies-and-advisors/aim/publications/aim-rules-for-nominated-advisers.pdf

Alternative Markets/Segments in equity analysis: http://grahambishop.com/DocumentStore/d9cf5651-f676-4160-ab65-70b9e6ee6928.pdf

Arcot S., Black J., Owen G. (2007), From local to global The rise of AIM as a stock market for growing companies, A comprehensive report analyzing the growth of AIM, The London School of Economics and Political Science, pp. 18–30.

Doidge C., Karolyi G.A., Stulz R.M. (2007), Has New York become less competitive in global markets? Evaluating foreign listing choices over time, European Corporate Governance Institute, Finance Working Paper No. 173/2007

European Union (2004), Directive 2004/39/EC of the European Parliament and of the Council. Markets in Financial Instruments Directive, released April 21st.

Gomber P., Gsell M. (2006), Catching up with Technology – The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe, Competition and Regulation in Network Industries, Vol. 1, No. 4, pp. 535–557

Hilton A. (ed.) (2008), AIM: The Growth Market of the Word, Newsdesk Communications Ltd., London, p. 1-117

Mendoza J.M. (2008), Securities regulation in low-tier listing venues: The rise of the Alternative Investment Market, Fordham Journal of Corporate & Financial Law, Volume 13, Issue 2, pp. 257–328

Pastusiak R. (2007), Przedsiębiorstwo na rynku kapitałowym: operacje giełdowe rynku publicznego i niepublicznego, CeDeWu, Warsaw




DOI: http://dx.doi.org/10.17951/h.2014.48.1.9
Date of publication: 2015-04-27 14:05:01
Date of submission: 2015-04-14 21:03:03


Statistics


Total abstract view - 1058
Downloads (from 2020-06-17) - PDF (Język Polski) - 0

Indicators



Refbacks

  • There are currently no refbacks.


Copyright (c) 2015 Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia