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The AMF and NYSE Euronext organised the 3rd edition of their seminar on “The Stock Exchange and SMEs” in Nantes, attracting over one hundred participants. This pedagogical event bears testimony to the resolute commitment of the AMF and NYSE Euronext to small and medium-sized enterprises (SMEs), as key players in economic life, and to taking their specific needs into consideration in stock market listing.
On the occasion of the seminar, AMF Chairman Gérard Rameix declared: “Small and medium-sized enterprises are key players in the economy. Financing them in a time of severe crisis is a major issue. Raising equity and issuing debt on stock markets represent a complementary source of financing and can also contribute to establishing their credibility in the eyes of the banks.” He added: “We must therefore not be afraid to shake things up and create an environment that is conducive to listing of small and midcaps, such as by creating a stock exchange dedicated to SMEs.”
“At a time when SMEs need access to capital at reasonable cost to finance their growth and investments, the world financial crisis has dried up many of the sources of financing that are traditionally used by smaller companies. At the same time, the number of SMEs gaining access to capital markets remains modest when weighed against the role they actually play in the real economy and the jobs they provide,” declared Dominique Cerutti, President and Deputy Chief Executive Officer of NYSE Euronext. “If it is to work properly, the market for SMEs must be considered as forming an ecosystem in which issuers, investors and intermediaries are interconnected, while having different needs to be met. The aim must not be merely to attract companies to the market in ever-greater numbers, but also to increase the amount of funds they raise on primary and secondary markets to ensure they are sustainable. To consolidate this SME ecosystem, NYSE Euronext is convinced that resources must be allocated to accompanying them through the initial stages of their maturity.”
The seminar bringing together companies, financial-market professionals and the regulator was organised around: - a round-table debate on the question “Does the stock exchange enable SMEs to finance themselves more effectively?” during which participants discussed the ways in which stock market listing can be an opportunity for businesses and examined other possible sources of financing. - a workshop on the theme “The Stock Exchange: a practical guide to listing,” the aim of which was to answer operational questions raised by SMEs: what is the regulatory framework for listing, how are regulations on SMEs changing, and what do investors expect in the way of financial disclosure? For further information about the seminar programme: http://www.amffrance.org/documents/general/10582_1.pdf
