Challenges and opportunities for SME stock markets

Description

During the 90’s, several unregulated markets were created to give small and medium-sized firm (SME) the opportunity to raise capital through a simplified process and reduced admission criteria. Thanks to those markets, SME can be listed and still focus on their business.

In Belgium, there are one regulated market: Euronext and two unregulated markets: Euronext Access (previously Free Market) and Euronext Growth (previously Alternext). However, Belgian markets are not as successful as other European unregulated markets (AIM London, Euronext Paris…).

The goals of this research would be: – Analyze 10 years of unregulated markets in Belgium; – Compare the European unregulated markets: admission rules, number of IPO, firm profile; – Make advises about SME ‘s financing in Europe.