A N N A L E S
8 1 , 9 ( 5 6 , 7$7 , 6 0 $ 5 , $ ( & 8 5 , ( 6 . à 2 ' 2 : 6 . $ /8%/,1±32/21,$ 92/;/9,,, 6(&7,2+ 8QLZHUV\WHW0DULL&XULH6NáRGRZVNLHMZ/XEOLQLH=DNáDG5\QNyZ)LQDQVRZ\FK 520$1$6<1*,(5NewConnect in comparison with multilateral trading facilities
in Europe.
Irregularities in the functioning of the Polish MTF market
1HZ&RQQHFWQDWOHDOWHUQDW\ZQ\FKV\VWHPyZREURWXZ(XURSLH 1LHSUDZLGáRZRĞFLIXQNFMRQRZDQLDSROVNLHJRU\QNX$62 Keywords:1HZ&RQQHFW0XOWLODWHUDO7UDGLQJ)DFLOLWLHVFDSLWDOPDUNHWUHJXODWLRQVDGPLVVLRQIHHV :DUVDZ6WRFN([FKDQJH 6áRZDNOXF]RZH 1HZ&RQQHFWDOWHUQDW\ZQ\V\VWHPREURWXU\QHNNDSLWDáRZ\UHJXODFMHRSáDW\ZVWĊSQH *LHáGD3DSLHUyZ:DUWRĞ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±07) >(XURSHDQ8QLRQ@7KHLUKLVWRU\LQ(XURSHGDWHVEDFNWR ZKHQWKH/RQGRQ 6WRFN([FKDQJHGHFLGHGWRODXQFKWKH$,0PDUNHW,QWKH:DUVDZ6WRFN([-FKDQJHMRLQHGWKHJURXSRIVWRFNH[FKDQJHVWKDWRUJDQL]HPXOWLODWHUDOWUDGLQJIDFLOLWLHV )LYH\HDUVRIH[LVWLQJRIWKH3ROLVK1HZ&RQQHFWPDUNHWDQGUHODWHGRSHUDWLRQV KRZHYHUFDQQRWEHGHILQLWHO\GHVFULEHGDVDVXFFHVV2QWKHRQHKDQGWKHPDUNHWUMCS
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• GHYHORSPHQWRIDGHTXDWHGRFXPHQWHGLQIRUPDWLRQ LQIRUPDWLRQPHPRUDQGXP • XQOLPLWHGWUDQVIHUDELOLW\RIVWRFN • JRLQJFRQFHUQ±DFRPSDQ\FDQQRWEHXQGHUEDQNUXSWF\RUZLQGLQJXSSUR-FHHGLQJV •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
UMCS
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523( RUJDQL]HU$'¶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¶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± <HDU ,±9,,, 1XPEHURIOLVWHGFRP-SDQLHV 1XPEHURI,32V 1XPEHURIHQWULHV 6 1&,QGH[UDWHVRIUHWXUQ 0DUNHWFDSLWDOL]DWLRQ PLOOLRQVRI3/1 7KHYDOXHRIVHVVLRQWXU-QRYHU PLOOLRQVRI3/1 1XPEHURIWUDQVDFWLRQV 1XPEHURIWUDQVDFWLRQV SHUVHVVLRQ 6SHFLILHGLQWKH$QQH[WRWKH07)UHJXODWLRQV KWWS ZZZQHZFRQQHFWSOSXEUHJXODFMHBSUDZQH 5HJXODPLQB$62B873B]DOBSGI> @
UMCS
520$1$6<1*,(5 <HDU ,±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¶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
UMCS
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523( 7 DEOH 6W DW LV WLF DO G DW DR ID OW HU QD WL YH P DU NH WV L Q(X UR SH DW WK HH QGR I$ XJ XV W 0 7 ) 0D UN HW 6W RF N( [F KD QJ HOH DG LQ JW KH 0 7 )0 DU NH W 50 07) &R P -PH QF H-P HQW\ HD U 1X P EH U RIF RP SD -ni es Ma rk et FDS LW DO L] DW LRQ L QP LO OL RQ VR I¼ 9 ROX P HVL ]H $ YH UD JH FDS LW DO L] DW LRQ RIF RP SD Q\ LQ P LO OLR QV R I¼ 7 KH DY HU DJ H YD OX H RIW XU QR YH US HU RQ HF RP SD Q\ LQ WK RX VD QG VR I¼ $ YH UD JHY DOX HR I WU DQ VD FW LR Q LQ WK RX VD QG VR I¼ 1X P EH UR I WU DQ VD F-WL RQ V 7X UQ RY HU L QP LO -OL RQ VR I¼ $ OW HU QD WLY H 0 DU NH W ( 1 $ $W KH QV ( [F KD QJ H 0 7 ) 4 0 $ % ( [S DQ VLR Q %0 ( 6 SD QL VK ( [F KD QJ HV 0 7 ) , EG EG [ [ % ( 7 D & ( ( 6( * % XG DS HV W 0 7 ) ; , EG [ ST A R %RU VD , WDO LD QD / 6( * UR XS RM ,9 66 ' ULW WH U 0 DU NW 0 7 ) &((6 (* 9 LH QQ D 0 7 ) , ( P HU JL QJ & RP S & \S UX V &\ SU XV 6 WRF N ( [F KD QJ H 07) ,; EG EG [ [ (Q WU \ 6 WD QG DUG ' HXW VF KH % |U VH 0 7 ) ; ( 60 , UL VK 6 WR FN ( [F KD QJ H 0 7 ) ,9 % ,6 7 6 HF RQG 1 DW LRQ DO 0 DU NH W ,VW DQ EX O 6 WR FN ( [F K RM , ,, $ ,0 / RQ GR Q 6 WR FN ( [F KD QJ H 0 7 ) 9 , (X UR 0 7 ) / X[ HP ER XU J6 WR FN ( [F KD QJ H 0 7 ) 9 , )L UV W 1R UW K $ OW HU QD WLY H 0 DU NH W 1$ 6' $ 4 2 0 ; 0 7 ) ; ,, $ OW HU QH [W 1 < 6( (X UR QH [W 0 7 ) ,9 2V OR $ [H VV 2V OR % ¡U V RM 9 1H Z & RQ QH FW : DU VD Z 6 WR FN ( [F KD QJ H 0 7 ) 9 ,, , 7R WD O DY HU DJ H 6 RX UF H 2 Z QF RP SL OD WL RQE DV HGR QZH EV LW HVR IV WR FNH [F KD QJ HV D QGV WD WL VW LF DO G DW DR IW KH ( XU RS HD Q) HG HU DW LR QR I( [F KD QJ HV W KH / RQ GR Q6W RF N( [F KD QJ HD QG% RU VD ,W DO LD QD KW WS Z Z Z IH VH H X HQ " LQ F DU W LG K WW S Z Z Z OR QG RQ VW RF NH [F KD QJ H FR P V WD WL VW LF V PD UN HW V DL P DL P KW P KW WS Z Z Z E RU VDL WDO LD QD LW ER UV DL WD OL DQ D VW DW LVW LF KH VL QW HV L P HQ VL OL VL QW HV LP HQ VL OL H QB SG I KW P > @
UMCS
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±FRPSDQLHVPDGH WKHLUGHEXWVLQWKH1&ZKLFKDFFRXQWHGIRUDOPRVWKDOIRIQHZOLVWLQJVRQDOORWKHU 07)LQ(XURSHDQGUDQNHGWKH:DUVDZ6WRFN([FKDQJHDPRQJWKHZRUOGOHDGHUV6 4XDQWLW\KRZHYHUGRHVQRWWUDQVODWHLQWRDSURSRUWLRQDOLQFUHDVHLQWKHFDSLWDOL]D-WLRQRILVVXHUVDQGLQYHVWRUV¶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
Alternative Markets/Segments in equity analysis: KWWS JUDKDPELVKRSFRP'RFXPHQW6WRUHG FI
IDEE HHH SGI> @ KWWS ZZZERUVDLWDOLDQDLWD]LRQLPHUFDWLDLPLWDOLDDLPLWDOLDKWP> @ )(6(VWDWHPHQWVPHQWLRQHLJKWRIWKHVHPDUNHWVZKHUHLQWKHPDUNHWLQ%UDWLVODYDLVFORVHG)XQFWLRQLQJ PDUNHWVDUH $OWHUQDWLYH0DUNHW (1$ 'ULWWHU0DUNW$OWHUQH[W(PHUJLQJ%RQGV &\SUXV *(0 ,UHODQG 2VOR$OWHUQDWLYH%RQG0DUNHW $%0 DQG&DWDO\VW KWWS ZZZIHVHHXHQ"LQF DUW LG 6 'HWDLOVRI,32VRQ(XURSHDQPDUNHWVFDQEHIRXQGDW KWWS ZZZSZFSOSOLSRZDWFKHXURSHLQGH[ MKWPO> @6WDWLVWLFVIRUDOOVWRFNH[FKDQJHPDUNHWVDUHSXEOLVKHGLQWKHUHSRUWVRIWKH:RUOG)HGHUD-WLRQRI([FKDQJHV ZZZZRUOGH[FKDQJHVRUJVWDWLVWLFVDQQXDOVWDWLVWLFVUHSRUWV> @
UMCS
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523( 7 DEOH & RP SD UL VR QR IW KH D GP LW WD QF HU HT XL UH P HQ WV I RUV WR FNL VV XH UVO LV WH GL QW KH (X UR SH DQ0 7 ) D VR I$ XJ XV W AIM $ OW HU QH [W ( QW U\ 6W DQ GD UG 1H Z & RQ QH FW )L UV W 1R UW K 20 ; ES M 0L QL P XP F DS LW DO L] DW LR Q HT XL W\ FDS LW DO QRQH PLQ F DS LW DO L] DW LR Q P OQ ( 8 5 P LQ H TX LW \ FD SLW DO ( 8 5 QRQH QRQH PLQ F DS LW DO L] DW LR Q P OQ ( 8 5 0 LQ LPX P DJ H RI WK H FR P SDQ \ QRQH \H DU V \H DU V QRQH QRQH QRQH 0L QL P XP V WR FN ID FH Y DO XH R U LV VX H SU LF H QRQH QRQH P LQ G HQ RP LQ DW LR Q RI RQ H VK DU H ( 8 5 P LQ G HQ RP LQ DW LR Q RI RQ H VK DU H 3/ 1 P LQ S UL FH R I LVVX DQ FH ( 8 5 QRQH 0L QL P XP I UHH IO RD W QR QH P OQ ( 8 5 R I LV VX DQ FH RI V KD UH V RI V KD UH V QR QH 7 KH LQ LW LD O IH H GH SH QG V RQ W KH FDS LW DO L] DW LRQ R I WK H FR P SD Q\ P LQ ± P D[ * % 3 GH SH QG V RQ WKH F DS LW DO L] DW LR Q RI F RP SD Q\ P LQ ± P D[ P OQ ( 8 5 IL [H G ( 8 5 IL [H G 3/ 1 IL [H G ( 8 5 IL [H G ( 8 5 7 KH D QQ XD OI HH I RU OL VW LQ J GH SH QG V RQ W KH FDS LW DO L] DW LRQ R I WK H FR P SD Q\ P LQ ± P D[ * % 3 GH SH QG V RQ W KH Q XP -EH U RI V KD UH V P LQ ( 8 5 ± P D[ ( 85 IL [H G ( 8 5 st\ HD U 3/ 1 IR OO RZ LQ J ± GH SH QG -LQ J RQ W KH F DS LW DO L] D-WL RQ PLQ 3 / 1 ± P D[ 3/ 1 SDL G TX DU WH UO \ GH SH QG -LQ J RQ W KH F DS LW DO L] D-WL RQ R I WK H FR P SDQ \ P LQ ( 8 5 ± P D[ ( 8 5 IL [H G ( 8 5 7K H RE OL JD WL RQ W R FRRSH UD WH Z LW K WK H DG YL VH U 1R P LQ DW HG $G YL VH U ± FR RS HU DW LR Q WK UR XJ KR XW W KH H QW LU H WU DG LQ J SH UL RG /L VW LQ J 6S RQ VR U ± FR RS HU DW LR Q WK UR XJ K-RX W WK H HQ WL UH W UD GL QJ SHU LRG ' HX WV FK H% |U VH / LV W-LQ J 3D UW QH U ± FR RS -HU DW LR Q WK UR XJ KR XW W KH HQ WL UH W UDGL QJ S HU LR G $X WK RU L] HG F RX QV HO OR U ± FR RS HU DW LR Q WK UR XJ KR XW \ HD UV Z LW KW KH S RV VL EL OL W\ R I VK RU WH QL QJ W R \H DU & HU WL ILH G $G YL VH U ± FR RS HU DW LR Q WK UR XJ K-RX W WK H HQ WL UH W UD GL QJ SHU LRG $G YL VH U ± FR RS HU DW LR Q WK UR XJ KR XW W KH H QW LU H WU DG LQ J SH UL RG 6 RX UF H 2 Z Q FR P SL OD WLR Q ED VH G RQ Z HE VL WH V RI 0 7 ) ' HD OH UV KL S P DU NH WV KW WS V H XU RSHD QH TX LW LH V Q\ [ FR P OLV WL QJ V OL VW LQ J IHHV KWWS ZZZ OR QG RQ VW RF NH [F KD QJ H FR P H [F KD QJ H FR P SD QL HVD QGD GY LVR UV P DL Q PD UN HW O LVW LQ J IHHV DL P IH HV FDO FX OD WR U KW P O K WW S Z Z Z ERHUV H IU DQ NI X UW G H GH Z LV VHQ P DU N WV HJ P HQ WH H QW U\ V WD QG DU G K WW S Z Z Z Q HZ FR Q QHF W SO KW WS Z Z Z LV HLH ( TX LW \ ,V VX HU V 0 60 9 V ( 6 0 5 XO HV > @
UMCS
520$1$6<1*,(5
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±WKHUHTXLUHPHQWIRUWKHIDFHYDOXHRI WKHVKDUHV,WVKRXOGEHQRWHGKRZHYHUWKDWXQWLO0DUFKWKHVHFULWHULDGLGQRW DSSO\WRWKH1HZ&RQQHFWPDUNHWDQGWKHPDUNHWDGPLWWDQFHUHTXLUHPHQWVDOPRVW IROORZHGWKHRQHVDSSOLFDEOHWRWKH$,0PDUNHW
UMCS
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523(
7KH ,ULVK (60 PDUNHW XVHV D YHU\ VLPSOH FULWHULRQ IRU DGPLWWDQFH ZKLFK LV OLPLWHGRQO\WRWKHVL]HRIWKHFRPSDQ\¶VPDUNHWFDSLWDOL]DWLRQ2XWRIDOOWKHDQDO\-]HGPDUNHWVWKLVFULWHULRQLVWKHPRVWGHPDQGLQJDQGLVDVKLJKDVPLOOLRQ(XURV 7KHRUJDQL]DWLRQDOVWUXFWXUHRIDOOWKHDQDO\]HG07)LQ(XURSHLVEDVHGRQWKH DFWLYLW\RIWKHRSHUDWRUVWKDWFDQDFFRUGLQJWRWKH3ROLVKPDUNHWEHGHVFULEHGDV $XWKRULVHG$GYLVRUV7KH\SHUIRUPSULPDULO\DGYLVRU\VHUYLFHVSURYLGHVXSSRUWIRU WKH,32SURFHVVDQGIXOILOWKHREOLJDWLRQVSRVHGIRUWKHFRPSDQLHVOLVWHGRQWKHVWRFN H[FKDQJH,QWKHUHVSHFWLYHPDUNHWVWKHLUUROHPD\KRZHYHUEHPXFKPRUHH[WHQVLYH )RUH[DPSOHLQWKH/RQGRQ¶V$,0WKHNominated Advisers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
1HZ&RQQHFW XVHV D PL[HG V\VWHP ,Q WKH ILUVW \HDU RI WUDGLQJ LW FKDUJHV D IL-[HGUDWHIHHLQWKHDPRXQWRI3/1,QVXEVHTXHQW\HDUVWKHIHHLVGHSHQGHQW RQWKHKHLJKWRIWKHVWRFNPDUNHWFDSLWDOL]DWLRQDQGUDQJHVIURP3/1XSWR 3/1 'HWDLOHGGHVFULSWLRQRIWKHFDOFXODWLRQRIWKHLQLWLDOSD\PHQWLVDYDLODEOHLQWKHGRFXPHQWV KWWS ZZZ ORQGRQVWRFNH[FKDQJHFRPFRPSDQLHVDQGDGYLVRUVDLPIRUFRPSDQLHVOLVWLQJIHHVDLPEURFKXUHSGI >@ KWWSV HXURSHDQHTXLWLHVQ\[FRPVLWHVHXURSHDQHTXLWLHVQ\[FRPILOHVIHHBERRNBBHQJSGI
UMCS
520$1$6<1*,(5
$PHQGPHQW3URSRVDOVLQWKH&RQWH[WRIWKH1&0DUNHW3UREOHPV
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¶LQGLFHVSUHVHQWHGUHSRUWHGLQWKLVSHULRGZDVVRZHDNLQFRPSD-ULVRQZLWKWKHGRPHVWLFUHJXODWHGPDUNHW -50.00 -40.00 -30.00 -20.00 -10.00 0.00 10.00 20.00 30.00 3 Sep 2007 3 Dec 2007 3M ar 2008
2 Jun 2008 1 Sep 2008 1 Dec 2008 1 Jun 2009 1 Sep 2009 1 Dec 2009 1 Jun 2010 1 Sep 2010 1 Dec 2010 1 Jun 2011 1 Sep 2011 1 Dec 2011 1 Jun 2012 3 Sep 2012 3 Dec 2012 3 Jun 2013 2 Se
p 2013 Entry/DAX Alternext/CAC40 AIM/FTSE100 NC/WIG20 2 M ar 2009 1 M ar 2010 1 M ar 2011 1 M ar 2012 1 M ar 2013 )LJXUH5HODWLYH6WUHQJWK,QGH[RIWKH07)PDUNHWV 6HSW±6HSW 6RXUFH 2ZQVWXG\ ,WVHHPVWKDWWKLVVWDWHRIDIIDLUVUHVXOWVIURPWRROLEHUDOUXOHVJRYHUQLQJWKHVWRFN WUDGLQJLQWKHVWRFNH[FKDQJHDQGDQRUJDQL]DWLRQDOVKRUWFRPLQJVLQWKHSULPDU\ PDUNHW7KHUHDUHQRIL[HGRUPLQLPXPFDSLWDOL]DWLRQUHTXLUHPHQWVRUWKHUHTXLUHPHQW IRUDWDUJHWVL]HRIHTXLW\RIIHULQJVLQWKH1HZ&RQQHFWPDUNHW)XUWKHUPRUHLVVXHUV XVHWKHVLPSOHVWDQGOHDVWH[SHQVLYHSDWKWRWKH,32E\PHDQVRIDSULYDWHSODFHPHQW SULYDWHSODFHPHQW 6LQFHWKHLQFHSWLRQRIWKH1&RQO\LVVXHUVKDYHGHFLGHGWR FRQGXFWSXEOLFRIIHULQJV6XIILFHLWWRVD\WKDWLQ±-XQHWKHDYHUDJHYDOXH RIWKHSXEOLFRIIHUHTXDOOHGRQO\WKRXVDQGVRI(85ZKLFKZDVE\IDUWKHZRUVW UHVXOWRIDOOWKHPDMRU(XURSHDQPDUNHWV )LJXUH KWWS ZZZQHZFRQQHFWSOLQGH[SKS"SDJH 'HELXW\1&> @
UMCS
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523( 35.47 18.42 16.50 6.95 5.08 4.94 4.05 1.64 0.59 0,00 5,00 10,00 15,00 20,00 25,00 30,00 35,00 40,00 Euro MTF
Luxemburg AIM LSE Oslo Axess Oslo Børs Borsa Italiana Alternext NYSE
Euronext Entry Standard Deutche Borse MAB Expansion BME Spanish First North AM NASDAQ OMX NewConnect Warsaw SE )LJXUH$YHUDJHYDOXHRIIXQGVUDLVHGLQWKH(XURSHDQ07)LQ±-XQH LQPLOOLRQVRI(85 6RXUFH 2ZQVWXG\EDVHGRQ KWWS ZZZSZFSOSOLSRZDWFKHXURSHLQGH[MKWPO> @ ,QWKLVFRQWH[WWKHRUJDQL]HURIWKHPDUNHWVKRXOGWLJKWHQWKHUXOHVDGPLWWLQJ LVVXHUVWRWKHSXEOLFPDUNHW)LUVWRIDOODFFRUGLQJWRWKHPRGHORI$OWHUQH[W(QWU\ 6WDQGDUGDQG(60WKH:DUVDZ6WRFN([FKDQJHVKRXOGLQWURGXFHWKHPLQLPXPYDOXH RIFDSLWDOL]DWLRQVWRFNFDSLWDORUSXEOLFRIIHUZLWKLQWKH,32LVVXHU7KLVZRXOGHOLPL-QDWHWKHDSSHDUDQFHRIWKH³PLFURRIIHUV´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±PLOOLRQ(85ZRXOG SUREDEO\UHGXFHWKHSUREOHPRIGUDPDWLFDOO\ORZPDUNHWDELOLW\RIPDQ\LQVWUXPHQWV )URPWKHSHUVSHFWLYHRIWKHDLPRIWKHDUWLFOHDQLPSRUWDQWLVVXHRIWKH1&PDUNHW LVWKHVRFDOOHG³TXDOLW\´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
UMCS
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¶VDQGDUH IXUWKHUGLVFXVVHGLQWKHDUWLFOH,WVHHPVUHDVRQDEOHWRLPSRVHDGXW\RISURVSHFWV¶ PRQLWRULQJRQWKH$'¶VDQGLQFUHDVHWKHUDQJHRIFRQVXOWDQF\VHUYLFHVIRUWKHLVVXHU 7KHQHJDWLYHSHUFHSWLRQRIWKH1&PDUNHWE\LQYHVWRUVLVH[DFHUEDWHGE\DQH[-FHVVLYHQXPEHURISHQQ\VKDUHVUHVXOWLQJLQKLJKYRODWLOLW\LQH[FKDQJHHVSHFLDOO\ LQWKHFDVHRIFRPSDQLHVZLWKDPDUNHWFDSLWDOL]DWLRQRIOHVVWKDQJURV]\$WWKH HQGRI$XJXVWPRUHWKDQKDOIRIWKHFRPSDQLHVKDGDXQLWSULFHRIVKDUHVRI OHVV WKDQ 3/1 DQG LQ FDVHV WKH FORVLQJ SULFH ZDV ORZHU WKDQ RI JURV]\
7DEOH 0DUNHWYDOXHRIVKDUHVOLVWHGRQWKH1HZ&RQQHFWPDUNHWLQ±$XJXVW 3ULFHUDQJH 1XPEHURIVKDUHVDWDJLYHQSULFHUDQJH <HDU 9,,, ± 6 ± ± ! 7RWDOQXPEHURIFRPSDQLHV RIWKHFRPSDQ\¶VVKDUH SULFHV 3/1 RIWKHFRPSDQ\¶VVKDUH SULFHV JURV]\ 6RXUFH 2ZQVWXG\ ,QWKHVHJPHQWRI1&+/5ZHUHWKHVKDUHVRIDQGLQWKHVHJPHQWRI1&6+/5±LVVXHUV
KWWS QHZFRQQHFWSO"SDJH LQIRUPDFMH SKBPDLQBFRQWHQWBVWDUW VKRZ FPQBLG > @'HWDLOHG UXOHVIRUWKH1&PDUNHWVHJPHQWDWLRQDUHGHVFULEHGDW KWWS ZZZQHZFRQQHFWSOLQGH[SKS"SDJH VHJPHQW\B U\QNXBQHZFRQQHFW> @ KWWS ZZZQHZFRQQHFWSO"SDJH LQIRUPDFMH SKBPDLQBFRQWHQWBVWDUW VKRZ SKBPDLQBFRQWHQWB FPQBLG 2ZQFDOFXODWLRQVEDVHGRQGDWDIURPWKHGDLO\PDUNHWVHVVLRQRI$XJXVW KWWS ZZZQHZFRQ-QHFWSOLQGH[SKS"SDJH VWDW\VW\NLBG]LHQQH> @
UMCS
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523(
7KHSUREOHPRIFKHDSFRPSDQLHVVWHPVLDIURPWKHFRVWRIFDUU\LQJRXWWKHFKHDS VWRFNLVVXDQFHLQDSULYDWHSODFHPHQWDQGWROHUDQFHRIGHHSVSOLWVE\WKHRUJDQL]HU FRPSOHWH RU SDUWLDO 0DQ\ D WLPH WKH VKDUHV ZHUH VROG DW D SULFH RI D IHZ GR]HQ JURV]\FRUUHVSRQGLQJWRWKHIDFHYDOXHRIWKHVKDUHVDQGRIWHQWKHQH[WELJLVVXHV WREHPDGHDWWKHORZHVWSRVVLEOHSULFHRIRQHJURV]
7KHLQWURGXFWLRQRIWKH*HUPDQPRGHORI(QWU\6WDQGDUGDQGWKH1RUGLF)LUVW 1RUWK RI PLQLPXP IDFH YDOXH RI VKDUHV LQ WKH DPRXQW RI 3/1 ZLOO SUREDEO\ UHGXFHWKHSUREOHPRIQHZLVVXHUVRQO\VOLJKWO\EXWZLOOQRWDIIHFWWKHDOUHDG\OLVWHG FRPSDQLHV$WWKHHQGRI$XJXVWWKUHHFRPSDQLHVKDGDQXPEHURIVKDUHVH[-FHHGLQJELOOLRQRIXQLWVDQGDQRWKHU±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³SHQQ\ VKDUHV´EXWDWWKHVDPHWLPHHOLPLQDWHWKHSUREOHPRIPXOWLPLOOLRQRIIHUVRIVKDUHV VROGDWWKHORZHVWSRVVLEOHSULFHV 7KHLVVXHVWRFRQVLGHULQJVWLOOLQFOXGHWKHYDOXHIHHVIRULVVXHUVDQGWKHPLQL-PXPWLPHRIWKHLVVXHU¶VH[LVWLQJ,QWKHFDVHRILQLWLDODQGDQQXDOIHHIRUWUDGLQJ LQVWUXPHQWVWKHUHODWHGLQFUHDVHZRXOGUDWKHUQRWWUDQVODWHLQWRDQLPSURYHPHQWRI WKHLVVXHUV¶³TXDOLW\´,QWKHFRQWH[WRIWKHSUREOHPVZLWKH[FHVVLYHLVVXHVRIVKDUHV LWLVDGYLVDEOHWRWKLQNDERXWWKHHVWDEOLVKPHQWRIWKHDQQXDOIHHIRUPXODHDFFRUGLQJ WRWKH$OWHUQH[WPRGHOWKDWZRXOGEHGHSHQGHQWRQWKHQXPEHURIVKDUHVSODFHGLQ WKHPDUNHWDQGQRORQJHURQWKH1&PDUNHWFDSLWDOL]DWLRQ5HJDUGLQJWKHPLQLPXP WLPHRIWKHFRPSDQLHV¶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
UMCS
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¶V RSLQLRQ WKHVH FKDQJHVDUHWRRVKDOORZDQGQRWVXIILFLHQWWRVROYHWKHSUREOHPVDFFXPXODWHGRYHU WKH\HDUV7KHUHIRUHWRUHVWRUHWKHHIILFLHQWRSHUDWLRQVRIWKH1&FUXFLDOFKDQJHV DUHQHHGHGZKLFKPHDQVVRPHWLPHVPDNLQJWKHEROGDQGUDGLFDOGHFLVLRQVRIWKH PDUNHW¶V2UJDQL]HU 7KHJRRGQHZVLQWHUPVRIWKHLQWURGXFWLRQRIWKHQHZUHJXODWLRQVLVWKHDQQRXQ-FHPHQWRIWKHIRUWKFRPLQJFKDQJHVE\WKHQHZ3UHVLGHQWRI:DUVDZ6WRFN([FKDQJH 0U $GDP 0DFLHMHZVNL 7KH 5HSUHVHQWDWLYHV RI WKH :DUVDZ 6WRFN ([FKDQJH WKH $VVRFLDWLRQRI,QGLYLGXDO,QYHVWRUVDQGWKH3ROLVKFDSLWDOPDUNHWHQWLWLHVFRQWLQXH WKHGLVFXVVLRQRQWKHQHHGIRUIXUWKHULPSOHPHQWDWLRQRIUHJXODWLRQVWKDWVKRXOGKHDO WKHIXQFWLRQLQJRIWKH3ROLVK07)PDUNHW
5HIHUHQFHV
AIM rules for Nominated Advisers KWWS ZZZORQGRQVWRFNH[FKDQJHFRPFRPSDQLHVDQGDGYLVRUV DLPSXEOLFDWLRQVDLPUXOHVIRUQRPLQDWHGDGYLVHUVSGI
Alternative Markets/Segments in equity analysis: KWWS JUDKDPELVKRSFRP'RFXPHQW6WRUHG FI IDEE HHH SGI
$UFRW6%ODFN-2ZHQ* From local to global The rise of AIM as a stock market for growing companies, A comprehensive report analyzing the growth of AIM7KH/RQGRQ6FKRRORI (FRQRPLFVDQG3ROLWLFDO6FLHQFHSS±
'RLGJH & .DURO\L *$ 6WXO] 50 Has New York become less competitive in global
markets? Evaluating foreign listing choices over time(XURSHDQ&RUSRUDWH*RYHUQDQFH,QVWLWXWH )LQDQFH:RUNLQJ3DSHU1R
(XURSHDQ 8QLRQ 'LUHFWLYH (& RI WKH (XURSHDQ 3DUOLDPHQW DQG RI WKH &RXQFLO
0DUNHWVLQ)LQDQFLDO,QVWUXPHQWV'LUHFWLYHUHOHDVHG$SULOst
*RPEHU3*VHOO0 Catching up with Technology – The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe, &RPSHWLWLRQDQG5HJXODWLRQLQ1HWZRUN ,QGXVWULHV9RO1RSS±
+LOWRQ$ HG AIM: The Growth Market of the Word1HZVGHVN&RPPXQLFDWLRQV/WG /RQGRQS
0HQGR]D-0 Securities regulation in low-tier listing venues: The rise of the Alternative Investment Market, )RUGKDP-RXUQDORI&RUSRUDWH )LQDQFLDO/DZ9ROXPH,VVXHSS± 3DVWXVLDN5 3U]HGVLĊELRUVWZRQDU\QNXNDSLWDáRZ\P RSHUDFMHJLHáGRZHU\QNXSXEOLF]QHJR
i niepublicznego&H'H:X:DUVDZ
1(:&211(&7,1&203$5,621:,7+08/7,/$7(5$/75$',1*)$&,/,7,(6,1(8523( 1HZ&RQQHFWLQFRPSDULVRQZLWKPXOWLODWHUDOWUDGLQJIDFLOLWLHVLQ(XURSH ,UUHJXODULWLHVLQWKHIXQFWLRQLQJRIWKH3ROLVK07)PDUNHW 7KLVSDSHUSUHVHQWVDQDQDO\VLVRIVWDWLVWLFDOGDWDVKRZLQJWKHGHYHORSPHQWRIWKH1HZ&RQQHFW PDUNHWDQGLWVSRVLWLRQLQFRPSDULVRQZLWKWKHRWKHUPXOWLODWHUDOWUDGLQJIDFLOLWLHVLQ(XURSH,WZLOO KHOSWRDFKLHYHWKHJRDORIWKHDUWLFOHWKDWLVGHILQLQJDFWLYLW\DUHDVRIWKH1HZ&RQQHFWPDUNHWZKLFK LQKLELWLWVGHYHORSPHQW2QWKHEDVLVRIRUJDQL]DWLRQDODQGOHJDOVROXWLRQVXVHGE\VHOHFWHG(XURSHDQ PDUNHWVVRPHDFWLRQVZLOOEHLQGLFDWHGZKLFKFRXOGEHLPSOLHGE\DQRUJDQL]HURIWKH1HZ&RQQHFW PDUNHWLQRUGHUWRHOLPLQDWHLWVIXQFWLRQLQJSUREOHPV 1HZ&RQQHFWQDWOHDOWHUQDW\ZQ\FKV\VWHPyZREURWXZ(XURSLH 1LHSUDZLGáRZRĞFLIXQNFMRQRZDQLDSROVNLHJRU\QNX$62
$UW\NXá SUH]HQWXMH DQDOL]Ċ GDQ\FK VWDW\VW\F]Q\FK SRND]XMąFą UR]ZyM U\QNX 1HZ&RQQHFW RUD] MHJRSR]\FMĊQDWOHLQQ\FKDOWHUQDW\ZQ\FKV\VWHPyZREURWXZ(XURSLH0DWRSRVáXĪ\üUHDOL]DFMLFHOX DUW\NXáXMDNLPMHVW]GHILQLRZDQLHREV]DUyZG]LDáDOQRĞFLU\QNX1HZ&RQQHFWNWyUHKDPXMąMHJRUR]ZyM 1DED]LHUR]ZLą]DĔRUJDQL]DF\MQ\FKLSUDZQ\FKVWRVRZDQ\FKSU]H]Z\EUDQHU\QNLHXURSHMVNLH]RVWDQą ZVND]DQH G]LDáDQLD NWyUH PRJá\E\ ]RVWDü SU]H] RUJDQL]DWRUD U\QNX 1HZ&RQQHFW LPSOHPHQWRZDQH ZFHOXZ\HOLPLQRZDQLDSUREOHPyZMHJRIXQNFMRQRZDQLD
