La World Federation of Exchanges a publié le nouveau numéro de sa revue "FOCUS" (n°229, mars 2012).
Le thème abordé ce mois-ci est : "Investir dans la croissance à long terme des PME".
The quest to finance small and medium-sized exchanges through public markets is of nearly universal concern these days. In Mumbai, both BSE and NSE India are launching platforms for companies in that segment that account for 40 percent of exports. Madhu Kannan, the CEO of BSE, is not alone in considering that "the role of a well-structured SME exchange can play in boosting growth … cannot be overemphasized."
In the united States, new legislation, the 'JOBS Act', aims at cutting the red tape and expense for smaller companies going public. Despite the sadly ever-present gridlock in Washington, both political parties see the advantage to back this issue in an election year. In Europe, it has been noted that if the regions SMEs created one job each, it would solve the unemployment problem.
The question is often asked, 'why aren't there more initiatives to create SME markets?'. NASDAQ, AIM and Novo Mercato are some of the examples cited where exchanges have successfully created, developed and branded markets around an SME segment, growth-market potential, or specific listing requirements such as higher corporate governance standards.
As the articles in this month's edition of Focus explain, finding the right balance is more of an art than a science between the cost and burdens for companies that are listing, the incentives needed for intermediaries to develop this new business, and the disclosure requirements that investors need.