Alternative Trading Systems in Germany – Entry Standard vs. Neuer Markt

Sonia Woś

doi:10.18778/2082-4440.15.04

Authors

Sonia Woś Poznań University of Economics and Business, Faculty of International Business and Economics, Department of International Finance

DOI:

https://doi.org/10.18778/2082-4440.15.04

Keywords:

Alternative Trading System, German capital market, Frankfurt Stock Exchange, Neuer Markt, Entry Standard

Abstract

The aim of the article is to compare the former German alternative market, the Neuer Markt, with the current Entry Standard, in the context of providing capital access to small and medium enterprises. The article characterizes the German capital market since 1987, focusing on the current alternative trading system – the Entry Standard segment. The objective has been achieved with the analysis of the Entry Standard IPO emission requirements, selected statements demanded from issuers and the market structure. Those issues are compared with the former Neuer Markt. During the research, foreign literature, press articles and Frankfurt Stock Exchange publications and reports were applied. The author wants to indicate the main similarities and differences between the Neuer Markt and the Entry Standard. The comparison confirms that the alternative trading system plays a huge role in providing capital access to small and medium enterprises.

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