Stock Exchange Listings

ASX Listings most commonly found on trading platforms for the Australian Stock Exchange

How do organisations list?

The timetable for listing depends on the complexity and scale of the transaction, how quickly the listing can be prepared and how quickly funds are received from investors. The amount of time taken to list can range from three months to two years, with six months being typical.

The road to an initial public offering (IPO) usually involves the following steps:

Step 1: Appoint advisers

Step 2: Talk to ASX

Step 3: Prepare and lodge prospectus

Step 4: Apply to list

Commence trading

International Listings on the ASX

ASX’s unique position as a developed market in the Asia-Pacific region and time-zone offers international companies exposure to the growing pool of investment capital in the world’s fastest growing region, as well as providing the opportunity for global trading and price discovery on a round-the-clock basis.

Download International Listings on ASX (PDF 1.2MB) for more information.

Listing Fee Calculator

The ASX equity listing fee calculator is designed to provide you with a guide to ASX’s Equity Listing Fees that apply as of 1 July 2009.

How long does it take to list?

The timetable for listing depends on the complexity and scale of the transaction, how quickly the listing can be prepared and how quickly funds are received from investors. The amount of time taken to list can range from three months to two years, with six months being typical.

How much does it cost to list?

ASX charges an initial fee upon listing, and annual fees while your organisation remains listed. According to Ernst & Young (Deciding to Go Public, 2003), for capital raisings of between A$20 million and A$50 million, total costs including underwriting and prospectus preparation typically range between 4% to 7% of funds raised.

How big does my company have to be in order to be eligible to list?

Your organisation will need to meet one of the following criteria:

• A$2.0 million in net tangible assets (including amounts raised under the IPO): or
• a market capitalisation of at least A$10.0 million (post-IPO); or
• net profit after tax of A$1.0 million (in aggregate) over the last 3 years plus A$0.4 million over the last 12 months and your organisation is still profitable.

As part owner of my private company, are there any restrictions on selling my shares once the company is listed?

Depending on which admission test your company uses to qualify for listing, trading in some proportion of shares may be restricted for up to two years.

These escrow provisions are designed to protect the integrity of the market. In general terms, they apply to businesses that are substantially speculative, or that do not yet have an established track record. The basis of escrow is to allow a company to develop such a record, and to enable the market to value and understand the business over a period of time.

Escrow provisions are complex, so you should seek advice from specialist advisers, or from ASX.

How do I choose an ASX code?

An entity’s three letter ASX code must begin with the first letter of the entity’s name and must not have been used within the last 10 years. ASX can check the availability of codes for you and, if required, reserve your preferred code.

Where can I find the application form for admission to the official list?

Entities seeking admission to the official list as an ASX Listing need to complete Appendix 1A to the Listing Rules, entities seeking admission as an ASX Debt Listing need to complete Appendix 1B to the Listing Rules, and entities seeking admission as an ASX Foreign Exempt Listing need to complete Appendix 1C.

The Appendices to the Listing Rules are available.

Information on listing on the Bombay Stock Exchange: From http://www.bseindia.com/about/abintrobse/listsec.asp

Listing means admission of securities to dealings on a recognised stock exchange. The securities may be of any public limited company, Central or State Government, quasi governmental and other financial institutions/corporations, municipalities, etc.

The objectives of listing are mainly to :

• provide liquidity to securities;
• mobilize savings for economic development;
• protect interest of investors by ensuring full disclosures.

The Bombay Stock Exchange (BSE) has a dedicated Listing Department to grant approval for listing of securities of companies in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956, Securities Contracts (Regulation) Rules, 1957, Companies Act, 1956, Guidelines issued by SEBI and Rules, Bye-laws and Regulations of BSE.

BSE has set various guidelines and forms that need to be adhered to and submitted by the companies. These guidelines will help companies to expedite the fulfillment of the various formalities and disclosure requirements that are required at various stages of

• Public Issues
  • Initial Public Offering
  • Further Public Offering
• Preferential Issues
• Indian Depository Receipts
• Amalgamation
• Qualified Institutions Placements

Click here to Download Guidelines

A company intending to have its securities listed on BSE has to comply with the listing requirements prescribed by it. Some of the requirements are as under :

[I] Minimum Listing Requirements for New Companies

The following eligibility criteria have been prescribed effective August 1, 2006 for listing of companies on BSE, through Initial Public Offerings (IPOs) & Follow-on Public Offerings (FPOs):

1. Companies have been classified as large cap companies and small cap companies. A large cap company is a company with a minimum issue size of Rs. 10 crore and market capitalization of not less than Rs. 25 crore. A small cap company is a company other than a large cap company.
   1. In respect of Large Cap Companies
      1. The minimum post-issue paid-up capital of the applicant company (hereinafter referred to as “the Company”) shall be Rs. 3 crore; and
      2. The minimum issue size shall be Rs. 10 crore; and
      3. The minimum market capitalization of the Company shall be Rs. 25 crore (market capitalization shall be calculated by multiplying the post-issue paid-up number of equity shares with the issue price).
   2. In respect of Small Cap Companies
      1. The minimum post-issue paid-up capital of the Company shall be Rs. 3 crore; and
      2. The minimum issue size shall be Rs. 3 crore; and
      3. The minimum market capitalization of the Company shall be Rs. 5 crore (market capitalization shall be calculated by multiplying the post-issue paid-up number of equity shares with the issue price); and
      4. The minimum income/turnover of the Company shall be Rs. 3 crore in each of the preceding three 12-months period; and
      5. The minimum number of public shareholders after the issue shall be 1000.
      6. A due diligence study may be conducted by an independent team of Chartered Accountants or Merchant Bankers appointed by BSE, the cost of which will be borne by the company. The requirement of a due diligence study may be waived if a financial institution or a scheduled commercial bank has appraised the project in the preceding 12 months.

For all companies :

1.  
   1. In respect of the requirement of paid-up capital and market capitalization, the issuers shall be required to include in the disclaimer clause forming a part of the offer document that in the event of the market capitalization (product of issue price and the post issue number of shares) requirement of BSE not being met, the securities of the issuer would not be listed on BSE.
   2. The applicant, promoters and/or group companies, shall not be in default in compliance of the listing agreement.
   3. The above eligibility criteria would be in addition to the conditions prescribed under SEBI (Disclosure and Investor Protection) Guidelines, 2000.

[II] Minimum Listing Requirements for Companies already Listed on Other Stock Exchanges

The listing norms for companies already listed on other stock exchanges and seeking listing at BSE, made effective from August 6, 2002, are as under:

1. The company shall have a minimum issued and paid up equity capital of Rs. 3 crore.
2. The company shall have a profit making track record for the preceding last three years. The revenues/profits arising out of extra ordinary items or income from any source of non-recurring nature shall be excluded while calculating the profit making track record.
3. Minimum net worth shall be Rs. 20 crore (net worth includes equity capital and free reserves excluding revaluation reserves).
4. Minimum market capitalisation of the listed capital shall be at least two times of the paid up capital.
5. The company shall have a dividend paying track record for at least the last 3 consecutive years and the dividend should be at least 10% in each year.
6. Minimum 25% of the company’s issued capital shall be with Non-Promoter shareholders as per Clause 35 of the Listing Agreement. Out of above Non-Promoter holding, no single shareholder shall hold more than 0.5% of the paid-up capital of the company individually or jointly with others except in case of Banks/Financial Institutions/Foreign Institutional Investors/Overseas Corporate Bodies and Non-Resident Indians.
7. The company shall have at least two years listing record with any of the Regional Stock Exchanges.
8. The company shall sign an agreement with CDSL and NSDL for demat trading.

[III] Minimum Requirements for Companies Delisted by BSE seeking Relisting on BSETop

Companies delisted by BSE and seeking relisting at BSE are required to make a fresh public offer and comply with the extant guidelines of SEBI and BSE regarding initial public offerings.

[IV] Permission to Use the Name of BSE in an Issuer Company’s Prospectus

Companies desiring to list their securities offered through a public issue are required to obtain prior permission of BSE to use the name of BSE in their prospectus or offer for sale documents before filing the same with the concerned office of the Registrar of Companies.

BSE has a Listing Committee , comprising of market experts, which decides upon the matter of granting permission to companies to use the name of BSE in their prospectus/offer documents. This Committee evaluates the promoters, company, project , financials, risk factors and several other aspects before taking a decision in this regard.

Decision with regard to some types/sizes of companies has been delegated to the Internal Committee of BSE.

[V] Submission of Letter of Application

As per Section 73 of the Companies Act, 1956, a company seeking listing of its securities on BSE is required to submit a Letter of Application to all the stock exchanges where it proposes to have its securities listed before filing the prospectus with the Registrar of Companies.

[VI] Allotment of Securities

As per the Listing Agreement, a company is required to complete the allotment of securities offered to the public within 30 days of the date of closure of the subscription list and approach the Designated Stock Exchange for approval of the basis of allotment.

In case of Book Building issues, allotment shall be made not later than 15 days from the closure of the issue, failing which interest at the rate of 15% shall be paid to the investors.

[VII] Trading Permission

As per SEBI Guidelines, an issuer company should complete the formalities for trading at all the stock exchanges where the securities are to be listed within 7 working days of finalization of the basis of allotment.

A company should scrupulously adhere to the time limit specified in SEBI (Disclosure and Investor Protection) Guidelines 2000 for allotment of all securities and dispatch of allotment letters/share certificates/credit in depository accounts and refund orders and for obtaining the listing permissions of all the exchanges whose names are stated in its prospectus or offer document. In the event of listing permission to a company being denied by any stock exchange where it had applied for listing of its securities, the company cannot proceed with the allotment of shares. However, the company may file an appeal before SEBI under Section 22 of the Securities Contracts (Regulation) Act, 1956.

[VIII] Requirement of 1% Security

Companies making public/rights issues are required to deposit 1% of the issue amount with the Designated Stock Exchange before the issue opens. This amount is liable to be forfeited in the event of the company not resolving the complaints of investors regarding delay in sending refund orders/share certificates, non-payment of commission to underwriters, brokers, etc.

[IX] Payment of Listing Fees

All companies listed on BSE are required to pay to BSE the Annual Listing Fees by 30th April of every financial year as per the Schedule of Listing Fees prescribed from time to time.

The schedule of Listing Fees for the year 2009-10, prescribed by the Governing Board of BSE, is given here under:

SCHEDULE OF LISTING FEES FOR THE YEAR 2009-10

Securities *other than Privately Placed Debt Securities

Privately Placed Debt Securities

 Mutual Funds

APPLICABILITY

The above schedule of Listing Fee is uniformly applicable for all companies irrespective of whether BSE is the designated stock exchange or not.

PAYMENT DATE

The last date for payment of Listing Fee for the year 2009-10 is April 30, 2009. Failure to pay the Listing Fee (for equity and/or debt segment) by the due date will attract interest @ 12% per annum w.e.f. May 1, 2009.

SERVICE TAX

Service Tax is payable on the listing fee at the applicable rates. 

[X] Compliance with the Listing Agreement

Companies desirous of getting their securities listed at BSE are required to enter into an agreement with BSE called the Listing Agreement, under which they are required to make certain disclosures and perform certain acts, failing which the company may face some disciplinary action, including suspension/delisting of securities. As such, the Listing Agreement is of great importance and is executed under the common seal of a company. Under the Listing Agreement, a company undertakes, amongst other things, to provide facilities for prompt transfer, registration, sub-division and consolidation of securities; to give proper notice of closure of transfer books and record dates, to forward 6 copies of unabridged Annual Reports, Balance Sheets and Profit and Loss Accounts to BSE, to file shareholding patterns and financial results on a quarterly basis; to intimate promptly to the Exchange the happenings which are likely to materially affect the financial performance of the Company and its stock prices, to comply with the conditions of Corporate Governance, etc.

The Listing Department of BSE monitors the compliance by the companies with the provisions of the Listing Agreement, especially with regard to timely payment of annual listing fees, submission of results, shareholding patterns and corporate governance reports on a quarterly basis . Penal action is taken against the defaulting companies.

[XI] Cash Management Services (CMS) – Collection of Listing Fees

In order to simplify the system of payment of listing fees, BSE has entered into an arrangement with HDFC Bank for collection of listing fees from 141 locations all over the country.Details of the HDFC Bank branches are available on our website site www.bseindia.com as well as on the HDFC Bank website www.hdfcbank.com This facility is being provided free of cost.

Companies intending to utilize this facility for payment of listing fee should furnish the information (as mentioned below) in the Cash Management Cash Deposit Slip. These slips are available at all the HDFC Bank branches.

The cheque should be drawn in favour of Bombay Stock Exchange Limited , and should be payable locally. Companies are requested to mention in the deposit slip, the financial year(s) for which the listing fee is being paid. Payment made through any other slips would not be considered. The above slips will have to be filled in quadruplicate. One acknowledged copy would be provided to the depositor by the HDFC Bank.

Firstly, we are not affiliated to the exchange in any way, we are just very intrigued by the vast sized IPO’s that have occured on the exchange with the notable influence of investment in Asia as the oldest and most prestigious of the exchanges. We will described some of the process and reasons for listing on the exchange, but ultimately refer you back to the website of the exchange in the event information has changed since the post. In the near future, we intend on endorsing professionals who specialize in IPO’s on the exchange from major brokerage firms to the appropriate legal contacts.

Using again the example of the Las Vegas Sands listing to acquire capital by listing on the HKSE for their Macau projects, a company listing is able to achieve a realization of part of the investment of shareholders, complete the development of the project that until the IPO will have been insufficiently funded, and expand its business operations. In general the companies that list have:

- Access to capital for growth with opportunities to raise funds both at the time of listing and at later stages

- Broader shareholder base could potentially lead to a more liquid market in the trading of the company’s shares

- Employee and incentive and commitment resulting from the grant of employee share options to tie in the company’s key staff

- Higher profile and visibility in the market could generate reassurance among the company’s customers and suppliers

- Increased corporate transparency could lead to the grant of credit lines on more competitive terms from the company’s bankers and loans, which was one of the primary stages set for the IPO of LV Sands with the ease of loan terms due to the impending IPO

Whatever your reasons for listing, it is important that you consider and discuss with your advisers all the factors which are specific to your company and the vision of its management.

It is clear from the response of the brokers and analysts that support IPOs on the Hong Kong Stock Exchange, the realized value from listing is often immediate and a major win for companies who can achieve the listing on the mainboard.

What Are The Three Most Compeling Arguments For Listing On The Hong Kong Stock Exchange?

Why is now the best time to be looking to Asia?

The capital markets in Asia have been least effected recently and want the business of new listings. Their missions statement is to increase their listings to be the main gateway for China, Hong Kong, and the rest of Asia with an increased focus on foreign issuers.

Listing on the Hong Kong Stock Exchange is a status symbol, where by increased profile and visibility in the Asian markets is immediate.

With effect from 1 July 2008, companies applying for a listing on the Main Board of the Exchange can do so in the form of depositary receipts (HDRs).  The HDR framework is launched as an alternative facility for companies to list on the Exchange, in particular for listing applicants from jurisdictions that prohibit the issuance of shares or the maintenance of a share register overseas.  For more information, please see News Release dated 9 May 2008.

Offer for Subscription

An offer to the public by, or on behalf of, an issuer of its own securities for subscription.

Offer for Sale

An offer to the public by, or on behalf of, the holders or allottees of securities already in issue or agreed to be subscribed.

Placing

The obtaining of subscriptions for, or the sale of securities by, an issuer or intermediary primarily from or to persons selected or approved by the issuer or the intermediary.

Introduction

An application for listing of securities already in issue where no marketing arrangements are required.

 
Transfer from GEM

A GEM issuer may transfer its listing to the Main Board under a streamlined procedure.

Upon completion of the restructuring process, the sponsor will be responsible for submitting the listing application to the Exchange on the company’s behalf. The listing process upon the submission of the listing application to the Exchange can be found as follows:

Chapter 7 of the Main Board Listing Rules on Methods of Listing
Chapter 10 of the GEM Listing Rules on Methods of Listing

What are the HKSE listing fees?

http://www.hkex.com.hk/issuer/listhk/listing_fees.htm

Who are the parties involved in a new HKSE Listing?

A listing exercise involves various professional parties which have their own unique role in the process. This section aims to explain the key players in a share offering.

1. Sponsors

A company must appoint a suitable sponsor for its listing proposal. A sponsor must be a corporation or an authorised financial institution licensed or registered by the Securities and Futures Commission. The sponsor will be responsible for preparing the company for listing, for lodging the formal listing application and all supporting documents with the Exchange, and for dealing with the Exchange on all matters arising in connection with the application.

Before you appoint a sponsor, we strongly advise you to speak with a selection of sponsors to assess their suitability to act as sponsor to your company’s listing. You should select a sponsor that is able to offer comprehensive and impartial advice regarding all aspects of the listing process.

2. Reporting Accountants

All accountants’ reports must be prepared by professional accountants who are qualified under the Professional Accountants Ordinance for appointment as auditors of a company and who are independent of the issuer.

Reporting accountants are responsible for reviewing the company’s financial records and position, and preparing the new applicant’s group accounts in accordance with relevant accounting standards and regulatory guidelines. This will enable prospective investors to make informed investment decisions.

3. Legal Advisers

Legal advisers are responsible for ensuring that the new applicant will be in compliance with the laws of each of the relevant jurisdictions. They will also work closely with the sponsor and reporting accountants on any restructuring undertaken by the new applicant.

4. Underwriters/Placing Agents

These are typically securities firms and our Exchange Participants who would be responsible for distributing the securities of the company during a share offering. Underwriters are required to underwrite any shares not taken up by investors.

5. Valuers

Valuers are required to be appointed to attribute a value to a new applicant’s properties prior to a listing. Valuers may also be appointed to prepare valuation on other assets of the company.

6. Depositary (for issuance of HDR)

All HDR issuers must appoint a depositary.  A depositary is a financial institution acceptable to the Exchange and appointed and authorised by the HDR issuer to issue or cancel HDR as agent of the issuer.  The depositary, via its appointed custodian, also holds the shares represented by the HDR for the benefit of the HDR holders.

For more information on listing your company on the HKSE contact us at info@hkselistings.com

The complete list of information for listings and maintaining the listing is available at http://www.hkex.com.hk/issuer/listhk/listhk.htm

An IPO Listing on the Hong Kong Stock Exchange is a very promising leverage for financially boosting large profitable firms. A recent example of such an application to list on the mainboard is LV Sands. On August 20th 2009 Howard Stutz wrote with regards to the listing application,

“Las Vegas Sands Corp. said it has formally applied with the Hong Kong Stock Exchange for a listing on the main board of the Asian stock market.”

It was suggested by JP Morgan gaming analyst Joe Greff that up to $2 billion for 30% equity in its Macau casinos could be raised, with lenders in the Macau loan covenants, the way for listing on the Hong Kong Stock Exchange is being paved.

Listing on the Hong Kong Stock Exchange allows for:

- Improved liquidity

- Increased financial flexibility due to lender comfort

- Access to immediate and forthcoming capital

- Completion of infrastructure projects in Asia due to local support and interests

- it’s Asia’s oldest and most prestigious stock exchange

Today with its total securities market capitalization of a record sum of HK$ 8,260.3 billion (US$ 1,063.9 trillion), the HKSE ranks 8th place by market capitalization in the world.

The Hong Kong Stock Exchange is an excellent choice for listing large scale local projects run by foreign companies such as LV Sands. The model is duplicatable for the large land developers and infrastructure projects, such as energy projects, that require significant capital outlay to be completed. The equity holders and subsequent debt holders gain the ease of being secured by equity and increases significantly the access to capital locally.

The trading system of the Exchange is an order-driven system. HKEx securities market operates on two trading platforms – the Main Board and the Growth Enterprise Market (GEM). Each trading platform has a different set of requirements. The Main Board is the market for capital growth by established companies that meet profit requirements. Meanwhile, the Growth Enterprise Market provides a fund raising venue for ‘high growth, high risk’ companies. It promotes the development of technology industries and venture capital investments.

More information on listing on the Hong Kong Stock Exchange at http://www.hkex.com.hk/issuer/listhk/listhk.htm

The Frankfurt Stock Exchange Listings- Going Public on Frankfurt – FSE Listings

With over 89% of international listings from more than 80 countries:

48% from North and South America

31% Europe Including Russia

15% Asia

6% Australia and Africa

Regardless of whether they decide in favor of an admission to trading in Entry Standard, of a cost-efficient listing in General Standard or utilize the additional benefits of Prime Standard: their shares are traded on a pan-European platform and attract the attention of national and international investors.

The company benefits from access to a equity capital, which is unending as far as the ability to create equity positions. This is inevitably an advantage of an IPO on the Frankfurt Stock Exchange.

Advantages of a listing at the Frankfurt Stock Exchange:

-Highest transparency standards in Europe

-High liquidity through trading on the Xetra® platform with an international network of market participants, Designated Sponsor function and low transaction costs

-Favorable listing fees and one of the fastest listing processes worldwide

-Visibility through inclusion in a selection index and allocation to a sector index via industry groups

-Access to professional support before and after the IPO through Deutsche Börse Listing Partners 

For extensive information on going public on the Frankfurt Stock Exchange, review the listings guide by clicking here

FSE Listings Inc guarantees the success of your listing! www.fselistings.com

Contact us with your information!

Robert Russell, Russell@fselistings.com FSE Listings Professional

Mark Bragg, Info@fselistings.com FSE Listings Professional

Mr. R.T. Gibson, Info@fselistings.com FSE Listings Specialist

New York: +1-914-613-3889

UK: +44(0)2081235719

Hong Kong: 81753591

South Africa: +27110836116

www.fselistings.com

Please include:

• Company Name:
• Contact Name:
• Contact Number:
• Contact Email:
• Amount of Capital invested to date:
• Amount of Capital required:
• Reasons for wanting to list:
• Description of Business:
• Website if available:

Contact FSE Listings Agents Robert Russell or Mark Bragg today!

The Frankfurt Stock Exchange Listings- Going Public

With over 89% of international listings from more than 80 countries:

48% from North and South America

31% Europe Including Russia

15% Asia

6% Australia and Africa

Regardless of whether they decide in favor of an admission to trading in Entry Standard, of a cost-efficient listing in General Standard or utilize the additional benefits of Prime Standard: their shares are traded on a pan-European platform and attract the attention of national and international investors.

The company benefits from access to a equity capital, which is unending as far as the ability to create equity positions. This is inevitably an advantage of an IPO on the Frankfurt Stock Exchange.

Advantages of a listing at the Frankfurt Stock Exchange:

-Highest transparency standards in Europe

-High liquidity through trading on the Xetra® platform with an international network of market participants, Designated Sponsor function and low transaction costs

-Favorable listing fees and one of the fastest listing processes worldwide

-Visibility through inclusion in a selection index and allocation to a sector index via industry groups

-Access to professional support before and after the IPO through Deutsche Börse Listing Partners 

For extensive information on going public on the Frankfurt Stock Exchange, review the listings guide by clicking here

Why are companies actively seeking consultants for a public listing on the Frankfurt Stock Exchange (FSE) is because of the ability to raise from 2 to 15+ million Euros immediately thereafter from European pension funds, hedge funds, selling groups and private investors.

The total amount that can be raised will be based on the valuation of the Company. The financing occurs very quickly after trading commences on the Exchange. European private and institutional funds are actively seeking investments in newly listed public companies, and the process is rapid as compared to other Designated Offshore Exchange (DOE) venues.

A Frankfurt exchange listing is the first step on the road to becoming a public company, with the opportunity to dual-list in the future, either in the U.S. or Dubai.

The Benefits

There are numerous benefits to a Frankfurt Exchange listing:

- Increased trading volume and market capitalization,
- Addition of new shareholders,
- Capital raising opportunities,
- Raise brand or services awareness,
- No restrictions on insider sales,
- Becoming a truly global player,
- Sometimes only 4 – 6 weeks from application to approval for trading,
- Low cost to value realized and low annual fees.

In addition, further fundraising is possible through the listing, depending on valuation level of the client company.

Why The Frankfurt Stock Exchange

In an international comparison, the Deutsche Börse (Frankfurt Stock Exchange) remains the most attractive listing venue for companies aiming for an IPO. Current studies compare the world’s primary market activities and terms for listing on the Frankfurt Stock Exchange to the leading international exchanges. The study analyzes terms for IPOs on the Frankfurt Stock Exchange and compares them with the stock exchanges Euronext, Hong Kong Stock Exchange (HKSE), London Stock Exchange (LSE), NASDAQ und New York Stock Exchange (NYSE). Almost every third listing of a company, which chose Deutsche Börse as a listing venue, was an Initial Public offering (IPO). This includes a first public offering of shares with an approved prospectus. Only 0.3 percent of all listed companies on the Alternative Investment Market (AIM) in London had an IPO at this venue. Sector focus is key to selecting a listing venue for an IPO – especially for companies from the emerging markets.  The Deutsche Börse leads among companies whose business is in the alternative energies, high technology, chemical and industrial sectors. In alternative energies alone, 97.8 percent of the entire placed IPO volume has been placed on the Frankfurt Stock Exchange. Another key criterion is the durability of a stock exchange listing.

Deutsche Börse clearly stands out in this respect:

No company with an IPO in Frankfurt between January 2001 and March 2008 has become insolvent. The percentage of insolvencies for Euronext is nearly three percent and for LSE more than five percent. The proportion of delistings is also correspondingly high. The percentage of delistings on LSE is more than ten percent, while at Euronext it is almost seven percent, with no delistings from HKSE or rnrnFrankfurt Stock Exchange during the period stated. For the period from January 1999 to March 2008, Deutsche Börse received top marks as a listing venue in a global comparison. Companies benefit from the lowest capital costs and the highest liquidity. Subjects of the examination included the costs of market access, the subsequent costs for further capital increases and liquidity.  Deutsche Börse’s Prime Standard and General Standard rank above the other “main markets”, with its Entry Standard also ranking above other alternative markets.

Today, with a total turnover of €5.2 trillion per year the Frankfurt Stock Exchange strengthens its position as the world’s 3rd largest trade-place for stocks and the world’s 2nd largest by market capitalization.

Borsa Italiana is now part of the London Stock Exchange Group plc, Europe’s leading exchange group in cash equities with 48% of the FTSEurofirst 100 by market capitalisation and the most liquid order book by value and volume traded. Through MTS we provide Europe’s largest electronic government bond market and through Monte Titoli and CC&G, we offer the most efficient post trade services in the eurozone.

Situated at the heart of the world’s financial markets we attract more companies from all over the world than any other major exchange.

Please refer to London Stock Exchange Group web site for an overview of the Company, Board of Directors and Management. 

Group companies:

London Stock Exchange plc is the world’s most international stock exchange located at the heart of the world’s leading financial centre.
Core business areas include Issuer Services, Trading Services and Information Services.

Borsa Italiana  the Italian stock exchange, runs Italian equities and derivatives markets. Borsa Italiana organises and manages the Italian stock market with the participation of domestic and international brokers who operate in Italy or from abroad through remote membership, using a completely electronic trading system for the real-time execution of trades.

BIt Systems S.p.A. is responsible for the management, maintenance and development of the Group’s information systems. Moreover, it provides Information Technology consulting services to private and public operators, financial institutions and to the Exchange Industry.

Cassa di Compensazione e Garanzia S.p.A. (CC&G) has the purpose  of guaranteeing  market integrity. CC&G’s presence eliminates the counterparty risk, becoming the guarantor of the final settlement of the contracts. CC&G manages the Central Counterparty Guarantee System on MTA, MTF, ETF Plus and IDEM markets, all regulated and managed by Borsa Italiana, and on the markets regulated and managed by MTS S.p.A. and Broker Tec with exclusive reference to Italian Government Bonds.

EDX London Limited offers a fresh customer-based approach, working to bring cash equity and derivatives markets closer together. EDX London specialises in Scandinavian and Russian equity derivatives.

FTSE International Limited is a world-leader in the creation and management of over 100,000 equity, bond and hedge fund indices. FTSE is an independent company owned by The Financial Times and the London Stock Exchange.

Monte Titoli S.p.A is the most efficient European provider of post-trading services and is the Italian Central Securities Depository for all Italian financial instruments currently centralised c/o the company, almost exclusively in dematerialised form. In support of the settlement services, Monte Titoli manages X-TRM, the daily matching service, and the Securities Lending Service.

Piazza Affari Gestione & Servizi S.p.A. (PAGS) provides facility and property management to guarantee the efficient operational management of Palazzo Mezzanotte, the historical location of the Exchange.  Moreover, Piazza Affari Gestione e Servizi manages the Congress and Training Centre, which is available not only to the financial community but also to any Italian or international company seeking a state-of-the-art structure, with advanced AV facilities, and is ideal for the organization of events, seminars, congresses and training activities.

Proquote Limited provides cost effective financial market software and real-time data services over the internet to a wide range of buy side, sell side, retail and private client market professionals.

Servizio Titoli S.p.A. provides listed companies with software, outsourcing services and advisory for all operational phases of the corporate secretary; Servizio Titoli has more than 130 customers and around 5 million managed shareholders.

Società per il Mercato dei Titoli di Stato S.p.A. (MTS) provides wholesale electronic trading of Italian government bonds and other types of fixed income securities. From its domestic roots in Italy, the group of MTS Companies has become the only genuine pan-European market for fixed income securities present in all eurozone countries.