Companies wishing to obtain a public listing have traditionally opted for the stock exchange of their country of origin. Over the last few years, however, a number of factors, such as the increased availability for non-domestic applicants of relatively accessible foreign exchanges, have meant that more and more companies are seeking secondary listings abroad or multiple listings on different markets.
For certain types of company the choice to place the principal listing on a particular market is dictated by specialisation rather than nationality. The main example of this has been the tendency for high-technology companies to list on Nasdaq, but it is unclear whether that trend will continue in the face of increased competition between the markets and the current global downturn in popularity of technology stocks. The move away from the domestic markets has also been encouraged by the introduction of a number of screen-based exchanges and by the creation of European exchanges, some of which have grown considerably in recent years.
However, the listing procedures and registration conditions vary considerably from one market to the other; some exchanges are more lenient while others are well known for the stringency of their admission criteria. When a business is faced with evaluating and choosing between the growing number of international exchanges available, the ability to explore all the relevant information is very important.
This study, conducted jointly by DLA and the BVCA, provides an updated comparative analysis of five of the leading European and US stock exchanges: the London Stock Exchange, Noveau Marché , Neuer Markt, Easdaq and Nasdaq. For each exchange, the tables on the following pages show details of:
The results of the study can also be viewed at the websites of DLA (www.dla.com) and the BVCA (www.bvca.co.uk).
London Stock Exchange-AIM
Old Broad Street
London EC2N 1HP, UK
Tel. (switchboard) :
+ 44 (0) 20 7797 1000
Tel. (AIM) + 44 (0) 20 7797 4404
Website address:
www.londonstockexchange.com
AIM:
www.londonstockexchange.com/aim/default.asp
Nouveau Marché
ParisBourse SBF became part of Euronext when it was
formed on 22nd September, 2000. Listed companies will remain on
their current exchanges but all shares will be traded on a single
platform. In the future trading will be regulated with a single
rulebook although the takeover rules will continue to be imposed
domestically. As from 1st July, 2001, there will be three
categories of companies listed on Euronext: Top Stocks, which
comprise the top 100 Blue Chips from Paris, Brussels and Amsterdam
and the next 150 companies; Next Economy which will be for
technology, media, biotech and internet stocks; and Next Prime
which will list the remaining stocks.
Euronext Paris
39 rue Cambon, F 75039 Paris
Tel: + 33 1 49 27 10 00
Website address:
www.euronext.com
Neuer Markt
NeuerMarkt.com AG
Headquarters: Frankfurt am Main, HRB Nr. 50026
Email:
contact@neuermarkt.com
Website address: www.neuermarkt.com
Easdaq
EASDAQ Brussels
56 Rue des Colonies
Bte 15 Koloniënstraat 56
Box 15, B 1000 Brussels
Belgium
Tel: + 32 2 227 65 20
Fax: + 32 2 227 65 67
Email: info@easdaq.com
EASDAQ London
Exchange Tower
Old Broad Street
London EC2N 1HP, UK
Tel: + 44 (0) 20 7786 6400
Fax: + 44 (0) 20 7786 6401
Email: info@easdaq.com
EASDAQ Paris
16 Avenue Hoche
75008 Paris, France
Tel: + 33 1 56 43 40 80
Fax: + 33 1 56 43 40 81
Email: info@easdaq.fr
EASDAQ Frankfurt
Messeturm, Box 23
60308 Frankfurt am Main
Germany
Tel: + 49 69 97544 504
Fax: + 49 69 97544 900
Email: info@easdaq.com
Website address: www.easdaq.be
Nasdaq
Washington DC
1735 K Street, NW
Washington, DC 20006
Tel: + 1 202 496 2500
California
2500 Sand Hill Road
Suite 220,
Menlo Park, CA 94025
Tel: + 1 650 233 2000
Chicago
10 South LaSalle, Suite 1110
Chicago, IL 60603
Tel: + 1 312 899 4426
New York
33 Whitehall Street
New York, NY 10004
Tel: + 1 212 858 4000
England
Durrant House
8/13 Chiswell Street
London EC1Y 4XY
Tel: + 44 (0) 20 7374 6969
Website address: www.nasdaq.com
The following diagrams are also available in the pdf version of this article: