Euronext modernises its markets to support growth of European companies

Your financing journey with us

As the Financing partner for European businesses at each step of their development, Euronext launches a series of initiatives designed to facilitate market access for mid-caps. Those measures will take effect on 19 June 2017.

 
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Our listing markets are turning a new page

 
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The trading of mid-caps  evolves

 
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Discover your
NEXT STEP !

EURONEXT  ACCESS™     |     EURONEXT  ACCESS+™     |     EURONEXT GROWTH™     |     EURONEXT®

As of  19 June 2017, Euronext is changing the Euronext market names for easier identification and definition of its listing and service offering towards issuers:

  • The Free Market and Easynext will become Euronext ACCESS™, and stands as the gateway for companies seeking simple access to listing.
  • Alternext will become Euronext GROWTH™, a market dedicated to mid-caps with listing requirements adapted to their specific needs.
  • Euronext (compartments A, B and C) will remain the group’s regulated market, and operate with no changes.

Euronext ACCESS +™, springboard to listing for start-ups and fast-growing SMEs

Within the Euronext ACCESS compartment; a new compartment called Euronext ACCESS + is created. Designed for both start-ups and SMEs, Euronext ACCESS + will help them make a smooth transition to the market and adapt to its operations. This new compartment will be a springboard to other Euronext markets. Companies admitted to trading on Euronext ACCESS + will be given additional assistance and their shares will benefit from greater visibility.

Euronext ACCESS + will have its own listing criteria:

  • financial statements covering at least two years, including audited accounts for the last year
  • minimum float €1 million,
  • obligation to have a listing sponsor, starting with listing and continuing throughout the market experience,
  • and commitment to regularly communicate towards the market.

The above mentioned modified rules regarding Alternext/Euronext GrowthTM and the Free Market/Euronext AccessTM are still subject to the approval of regulators. Euronext AccessTM and Euronext Growth TM remain Multilateral Trading Systems

Euronext is strengthening the role played by listing sponsors to further improve the input and assistance available to mid-caps as they list:

  • Mandatory appointment of a listing sponsor for companies making their market debut on any of Euronext’s regulated markets: Euronext GROWTH, Euronext ACCESS and its Euronext ACCESS + compartment
  • Listing Sponsors will continue to advise companies listed on Euronext GROWTH and Euronext ACCESS + at all stages of their market experience. Listing Sponsors will be responsible for advising and assisting the listed company in its interactions with the market, in particular through investor meetings. 

Enlarged scope

  • Companies listed on Euronext ACCESS + are required to be accompanied by a Listing Sponsor at listing and as long as they are listed
  • Companies listed on Euronext ACCESS are required to be accompanied by a Listing Sponsor at listing

Reinforced Role

  • Each Listing Sponsor shall maintain regular contact with the Issuer for which it acts as Listing Sponsor to be aware of developments and changes within the Issuer and the Securities admitted to trading
  • Each Listing Sponsor shall do its utmost to advise and accompany each Issuer for which it acts as Listing Sponsor by organizing one investor meeting per year at the minimum.  

Others

  • Activity of the Listing Sponsor assessed on a yearly basis
  • The Listing Sponsor will have to submit an annual certificate to Euronext containing main changes within its structure, last operations managed, etc...
  • Requirements regarding MAR Compliance (clearly stated)
  • Introduction of a preliminary interview within the accreditation process (physical meeting or a conference call)

Admission criteria

 

Euronext ACCESS

Euronext ACCESS +

Euronext GROWTH

Free float

Not applicable

€1m

€2.5m

Financial Statements

2 years (no requirement of audited accounts)

2 years o/w last financial year of audited accounts

2 last financial years of audited accounts

Accounting standards

IFRS or local GAAP

Intermediary

Listing Sponsor

Main document to be provided

Information document*
(*or EU Prospectus in case of public offer)

Information document or EU Prospectus

Ongoing Obligations

 

Euronext ACCESS

Euronext ACCESS +

Euronext GROWTH

Financial reporting: annual

Yes but based on local legal code

Audited annual financial report

Financial reporting: semi-annual

Not required

Unaudited semi-annual financial statements

Price sensitive information, insider lists, market soundings

Applicable

(Market abuse regulation Directive)

Declaration of management transactions

Applicable

(Market abuse regulation Directive)

Declarations of breaches of threshold voting rights

Not applicable

Applicable

Anti-money laundering

Applicable

Intermediary

Not required

Listing Sponsor

Website

Yes

Innovative measures promote trading of mid-caps

To improve the liquidity of mid-size stocks, Euronext is rolling out new measures to reshape and improve its market model on SMEs. The aim is to increase the liquidity on these securities by offering an efficient and adapted trading model.

To this end:

  • As of June 19th, 2017, listed companies that are traded at fixing will benefit from a double fixing at 11:30 and at 16:30,
  • and from the “Trading at Last” allowing investors to operate with a unique price in a particular time frame (from 11:30 to 15:00 and from 16:30 to 17:30). This represents a “hybrid” model between continuously traded instruments and fixing only.

Euronext as also decided to deploy a randomisation mechanism to all securities for the opening and closing price in order to secure the price formation process. From July 2017, Euronext will add small and midcap securities to its Euronext Block service*, allowing investors to execute large-sized orders on this segment. To know more on Block trading:  https://www.euronext.com/en/news/euronext-partners-ax-trading-launch-pan-european-block-trading-mtf

* the launch of Euronext Block is subject to the approval of regulators. 

Discover your NEXT STEP

Are you looking to raise funds, grow your business, expand externally, structure your capital, hire and retain talent or even grow your international presence? 

What is the next step for your company?

The answer lies with Euronext’s simplified offer, which is accessible to any type of business, from SMEs to large groups.

Euronext is right by your side to support funding for your “next step”, thanks to new and improved markets for Small & Mid Caps, to provide even better support as you grow. Euronext offers advice and expert services which enable your stock market activity to follow your ambitions for you in an ever-changing world.

Euronext is more than a source of funding, it is a long-term support and the partner for success.

What is the next step for my business?

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