NewConnect as an alternative trading system

Authors

  • Magdalena Schweda Poznań University College of Business and Foreign Languages

DOI:

https://doi.org/10.12775/EQUIL.2010.028

Keywords:

alternative trading system, NewConnect, Warsaw Stock Exchange, Authorized Adviser

Abstract

The present paper is focused on NewConnect that is a new market organized and operated by the Warsaw Stock Exchange next to the main regulated market. On 30 August 2009 this new trading platform celebrated the second anniversary of its functioning. Because of short period of its operation, NewConnect still remains unknown and mysterious for both: potential issuers and investors as well as for many individuals interested in stock exchanges and capital markets. This common ignorance of NC Market operation is an essential obstacle to its development whereas NewConnect has the chance to become the significant part of Polish capital market. It is intended for young dynamic Polish and foreign entities as an alternative source of capital required for financing of small and very innovative companies and investments It gives them a chance to raise capital at a lower cost. On the other hand, investors gain great opportunity to become shareholders in a company with the prospects of success. The aim of this paper is to present basic information about NC Market, its rules, participants as well as to provide some statistics of NewConnect functioning from its beginning in August 2007 until the end of August 2009.

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References

Alternative Trading System Rules (the NewConnect Market), text consolidated at 11 November 2008, www.newconnect.pl (01.09.2009).
Application form for entry into register of WSE Authorized Advisers for NewConnect is available on NewConnect website: www.newconnect.pl.
Appendix to Resolution No. 469/2008 of the Warsaw Stock Exchange Management Board dated 16 June 2008, Authorized Adviser in the Alternative Trading System.
Hamernik N., Prace naprawcze nad rynkiem NewConnect trwają, www.ipo.pl (01.09.2009).
Issuer Manual, Warsaw Stock Exchange, www.newconnect.pl (01.09.2009).
NewConnect a year later. ?Road to Maturity? Report, August 2008, www.newconnect.pl (01.09.2009).
Report NewConnect 2008, IPO.pl, www.ipo.pl (01.09.2009).
Resolution No. 575/2007 of the Warsaw Stock Exchange Management Board dated 6 August 2007 concerning the determination of specific rules of operation of a Market Animator in the alternative trading system (NewConnect market).
Resolution No. 594/2008 of the Warsaw Stock Exchange Management Board dated 31 July 2008 concerning sector classification of companies whose stocks are introduced to the alternative trading system on the NewConnect market.
Resolution No. 757/2008 of the Warsaw Stock Exchange Management Board dated 15 October 2008 concerning setting the first trading day for series B bearer ordinary shares of the company PHOTON ENERGY a.s. in the alternative trading system on the NewConnect market.
Resolution No. 948/2008 of the Warsaw Stock Exchange Management Board dated 17 December 2008 concerning delisting of series A, B, and C bearer ordinary shares of the company M.W. TRADE S.A. in the alternative trading system on the NewConnect market and cancellation of broker?s orders for shares of the company on the NewConnect market.
Resolution No. 986/2008 of the Warsaw Stock Exchange Management Board dated 31 December 2008 concerning delisting of series A and B bearer ordinary shares of the company CENTRUM KLIMA S.A. in the alternative trading system on the NewConnect market and invalidation of broker?s orders for shares of the company on the NewConnect market.
www.centrumklima.pl (05.09.2009)
www.mwtrade.pl (05.09.2009)
www.newconnect.pl (09.09.2009)

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Published

2010-12-31

How to Cite

Schweda, M. (2010). NewConnect as an alternative trading system. Equilibrium. Quarterly Journal of Economics and Economic Policy, 5(2), 103–115. https://doi.org/10.12775/EQUIL.2010.028

Issue

Section

Financial Markets of Central Europe

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