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Stock exchange comparison


Below you will find a summary comparison of the Frankfurt Stock Exchange, GXG Markets, London Stock Exchange and Vienna Stock Exchange as well as the OTCBB:

  London Stock Exchange (Main Market Standard) NYSE Euronext’s Free Market GXG Markets – Main Quote Frankfurt Stock Exchange (Entry Standard)
Audited financials required YES YES YES YES
Prospectus required YES NO NO YES
Nominated Advisor (NOMAD) NO NO NO NO
Paid-in-capital requirement N/A N/A N/A € 750,000
Nominal value requirement Paid up capital Paid up capital N/A € 1.00
Public float requirement 25% N/A N/A 10%
Age of company requirements N/A 2 years 2 years 2 years
Shareholder requirement N/A N/A N/A 30
VINTRY PLC quality score (1 to 10) 10 7 5 8
Start-ups accepted NO YES YES NO
Regulated/unregulated EU regulated unregulated unregulated unregulated
Estimated time to listing/IPO 6 months 8 weeks 8 weeks 7 months
Cost of listing/IPO $$$$$ $$$ $$ $$$$
Ongoing costs $$$ $$$ $$$ $$$$
Liquidity potential (1 to 10) 9 7 5 7
Sarbanes Oxley requirements NO NO  NO NO
Ability for companies to raise capital (1 to 10) 10 7 5 8
Trading system connectivity 10 9 3 9

Comments and Summary:

Basically, we recommend NYSE Euronext’s Free Market or GXG Markets for earlier stage companies and companies sensitive to the amount of time needed to IPO, the London Stock Exchange AiM Market for start-ups with more substance who can afford the much higher quality the AiM Market offers or the London Stock Exchange Main Market Standard or Frankfurt Stock Exchange Entry Standard segment for more advanced companies. The London Stock Exchange the Frankfurt Stock Exchange are world-class stock exchanges. In any case, we always recommend audited financials and an approved prospectus, even if your company trades on NYSE Euronext’s Free Market or GXG Markets where a prospectus is not a requirement. Lastly, we do not prefer US exchanges or listing portals like the OTCQB due to the overwhelming expense and burdensome nature of the Sarbanes Oxley Act.

Finally, it should be clear by now that stricter reporting and disclosure requirements by a stock exchange usually translates into a better and more respected stock exchange. A more open communication and transparency policy are definitely advantageous in other ways, for public companies who rely on investors for capital and stock market liquidity. investors today demand accurate information from reliable sources.

Finally, a company’s IPO is not likely to be the last time it will be in the limelight. After the listing and IPO, public companies listed on more transparent stock exchanges like the London Stock Exchange Main Market or Frankfurt Stock Exchange or who voluntarily adhere to greater reporting requirements make themselves subject to a handful of disclosure and reporting requirements such as the publication of annual reports, quarterly reports and ad hoc reports on financial news, which can be presented to the general public.