Access to Finance and Capital Markets Union
Public markets run by Nasdaq make companies in search of capital meet investors both private and institutional. They provide pricing and visibility for their shares to issuers and fair treatment to investors by ensuring that financial and other key information on the shares are disclosed to all investors.
There is a substantial societal value in making it easier to invest in small companies. In Sweden in the last 10 years, around 80% of all new jobs have been created in companies with fewer than 50 employees.
SMEs belong to the best performing, yet most vulnerable group of companies, sensitive to market shifts and economic development more than large companies. They continuously struggle to access finance, especially in the early stage, which has often detrimental effect. Out of the 23 million of European SMEs, only 11 thousand access today the capital markets.
Nasdaq's reply to the European Commission consultation on personal pension framework. Read the Response >
ESMA’s Discussion paper on the Distributed Ledger Technology applied to Securities Markets. Read the Paper >
Nasdaq's reply to COM Consultation Insolvency, June 2016. Read the Response >
Please read Nasdaq's reply to European Commission's consultation on Retail Financial Services, March 2016. Read the Response >
Read Nasdaq's White Paper on CAPITAL MARKETS UNION: The Road to Sustainable Growth in Europe >
Read the Nasdaq Reply to the European Commission's Call for Evidence Regarding the EU Regulatory Framework for Financial Services: Nasdaq COM Cumulative Impact Jan 2016 >
In its reply to the European Commission´s Green Paper on the Capital Markets Union, Nasdaq is proposing, among others, the following actions:
- Having two additional priorities for the CMU: boosting public market based financing and restoring local ecosystems
- Developing an equity culture
- Creating incentives for companies to list (including tax incentives) and foster investment in SMEs
- Keeping flexible requirements for SMEs listing on SME growth markets (i.e. no requirement of SME EU GAPs or of a European prospectus)
- Establishing guidelines to foster the investment of ELTIFs in SMEs
- Developing further specific funds targeting SMEs
- Facilitating and encouraging outside investment by adopting clear and stable rules regarding access to European capital markets
- Offering individuals a choice of products in which to invest their pension money
- The role that regulated markets can play in facilitating high quality securitization
- The need for alignment of insolvency rules especially for the functioning of bond markets and the use of collateral
In its reply, Nasdaq also explains why the establishment of a Financial Transaction Tax would undermine the aims of the CMU, as well as why the CMU should not focus on creating an consolidated tape. Download the Reply
IPO Task Force Reports
Nasdaq has conducted IPO Task Forces in the Nordic markets and also contributed in a European Task Force. Download the Reports form these Task Forces here: IPO Task Force Reports: Iceland, Finland,Sweden and Denmark
European Small and Mid-Cap Awards
Nasdaq works with the annual European Small and Mid-Cap Awards.