The organization of the NYSE Euronext market is underpinned by the principle that the market should be structured and operated in the same way for all listed companies in the five European NYSE Euronext countries. In early 2005, this organization was overhauled, primarily to simplify the list and raise the profile of small and medium capitalization stocks.

The single list was implemented in Paris on 21 February 2005 through the merger of France's three regulated markets: Premier Marché, Second Marché and Nouveau Marché. It was extended to Amsterdam, Brussels and Lisbon on 4 April 2005. Companies are now placed in alphabetical order on the NYSE Euronext market and assigned a capitalization indicator (A, B or C, see below) to distinguish between small, medium and large capitalizations.

NYSE Alternext is a market aimed squarely at medium-sized companies seeking to finance their growth and gain access to the eurozone capital markets. NYSE Alternext's eligibility and operating rules have been designed with these needs firmly in mind. At the same time, NYSE Alternext offers assurances in terms of regulation and transparency that will safeguard companies that list on the market.

The aim of the NYSE Euronext market model is to secure the best possible liquidity for listed stocks. The guiding principle is that all companies are listed and traded on the same market through a centralized electronic order book. The trading system has been designed with three aims in mind: facilitate fair and transparent price formation, provide investors with speedy order execution and centralized liquidity, and enable listed companies to be continuously quoted.

Companies are divided into one of two groups – auction or continuous quotation – depending on liquidity. Those with sufficient natural liquidity, defined as more than 2,500 trades per year, are automatically quoted on a continuous basis while those with lower liquidity are traded by auction. Auctions are organised twice daily, helping to focus liquidity at specific points in time.

Companies in both trading groups can make their stock more liquid by using the services of a liquidity provider. What is more, a company with a liquidity provider can, if it wishes, be quoted continuously even if it does not reach the threshold of 2,500 trades annually.

The ICB industry classification system, used by many international exchanges, has been selected for companies listed on the NYSE Euronext markets. Now used for more than 65,000 securities worldwide, the system meets investor needs for a classification based on precise and transparent sector definitions applicable across different markets.

NYSE Euronext's index policy acknowledges the diversity of the companies listed on the exchange and addresses the needs of investors. The extensive range of NYSE Euronext indices includes:

• national indices, some designed specifically for small-and mid-caps, for each of the European NYSE Euronext countries
• cross-border indices comprising the largest capitalizations in the NYSE Euronext zone
• European indices (FTSEurofirst), created jointly with FTSE