Our markets

When aiming at getting their equity securities admitted to listing and/or trading on Euronext’s markets, companies can choose among different markets, depending on their size (valuation, offering and/or revenues), scope of regulation and the type of investors that are targeted. To be listed on one of the markets operated by  Euronext, the applicant must comply with specific admission criteria. To be listed on the Regulated Market, the eligibility requirements are more stringent than those applicable for Euronext Growth, Euronext Access and Enterprise Securities Market.

Euronext

The EU-regulated market (the “Regulated Market”)

Companies listed on the European Regulated Markets of Euronext and the Main Securities Market are subject to a number of rules applicable to all Regulated Markets within the European Union (the “EU”). This pan-European harmonised environment, particularly in terms of financial reporting, accounting standards and ongoing disclosure obligations, provides direct access to a very large investor base. Euronext operates six European Regulated Markets: one in Belgium (“Euronext Brussels”); one in France (“Euronext Paris”); one in Ireland (“Main Securities Market”); one in The Netherlands (“Euronext Amsterdam”); one in Portugal (“Euronext Lisbon”);  and one in the United Kingdom (“Euronext London”).

The European Regulated Markets of Euronext for equity securities are segmented according to their market capitalisation:

Compartment C
Companies with a market capitalisation of less than €150 million (supported by EnterNext)
Compartment B
Companies with a market capitalisation between €150 million and €1 billion (supported by EnterNext)
Compartment A
Companies with a market capitalisation of more than €1 billion

The segmentation derives from the average market capitalization computed over the last two months of the previous year.
There is no segmentation on the Main Securities Market.

Euronext Growth and the Enterprise Securities Market (“ESM”)

The alternative route for small-and-mid-sized companies (“SMEs”)

Euronext Growth and the ESM are markets that offer simplified access to capital markets with fewer requirements and less stringent ongoing obligations than on the EU-regulated markets. Intended primarily for small and midcap companies, it is open to both professional and retail investors. The market is controlled but not regulated in the sense of EU directives. However, the Market Abuse Directive applies, as well as the EU Prospectus directive in the case of a Public Offering. Companies seeking to be admitted to trading on  Euronext Growth must appoint a duly accredited Listing Sponsor to assist them during the admission procedure and guide them throughout their subsequent listing life on Euronext Growth . Once Listed, Listing Sponsors are responsible for advising and assisting the company in its interactions with the market, in particular through investor meetings. The Listing Sponsor can be an investment services provider (ISP) as well as an audit firm or a corporate finance specialist and must be accredited by Euronext. 

Companies seeking to be admitted to trading on  the ESM must appoint a duly accredited ESM Advisor to assist them during the admission procedure and guide them throughout their subsequent listing life on the ESM.

Euronext operates three Euronext Growth Markets: one in Belgium (“Euronext Growth  Brussels”); one in France (“Euronext Growth  Paris”), one in Portugal (“Euronext Growth  Lisbon”), and the Enterprise Securities Market in Ireland.

Euronext Access

The easier access to capital markets through a direct quotation procedure

In addition to the EU-regulated markets and  Euronext Growth,  Euronext operates Euronext Access in Brussels, in Lisbon and in Paris. Euronext Access  targets all kind of companies, whatever their size (from micro-cap to medium-sized international companies) looking to access the capital markets without having to meet the eligibility criteria of other Euronext’s markets. Companies seeking to be admitted to trading on Euronext Access  must appoint a duly accredited Listing Sponsorto assist them during the admission procedure. Companies seeking to be listed, as well as listed companies, must possess a website on which must figure at least two years of  financial statements (no requirements of audited accounts) as well as their account information. Euronext Access  is organized by Euronext but not regulated in the sense of EU directives. However, listed members of Euronext Access are required to respect the  European Directive on Market Abuse (MAR) as well as the EU Prospectus directive in the case of a Public Offering. Listed members are also required to communicate annually with the "compliance' department at Euronext to provide the conditions in which they have fulfilled their regulatory obligations. Euronext may refuse amongst new candidates, those who presented statutory clauses, as well as those that were not admitted to the operations of a central depositary.

Euronext ACCESS +

Within the Euronext ACCESS compartment; a new compartment called EuronextACCESS + was created and designed for both start-ups and SMEs, Euronext ACCESS + helps them make a smooth transition to the market and adapt to its operations. This new compartment acts as a springboard to other Euronext markets. Companies admitted to trading on Euronext ACCESS + are given additional assistance and their shares benefit from greater visibility.

Additional critera must be met to be admitted on Euronext ACCESS +:

  • Companies must have financial statements covering at least two years, including audited accounts for the last year
  • They must have a minimum free float of €1 million,
  • They have the obligation to have a listing sponsor, starting with listing and on a permanent basis after the admission,
  • They must commit to regularly communicate towards the market.

To find out more about Euronext Access+ please visit : www.euronext.com/nextstep

In addition to those markets, Euronext also operates three Multilateral Trading Facilities (“MTF”): Trading Facility and Expert Market that offer transparent and secure platforms for the quotation and potential sale of financial securities.