NYSE Euronext (www.nyseeuronext.com) is the world’s most liquid list. Created in 2007 by a merger between Nyse Group and Euronext (grouping the Paris, Amsterdam, Bruselles and Lisbon bourses), the first ever transatlantic stock exchange came to market on 4th April 2007 with a capitalization value of around €21,500 billion and average trading volumes of around €89.9 billion a day.

Companies that choose to trade on this market have two options: the first is Eurolist, where companies are identified on the basis of their market capitalization and geographical location, and the other Alternex, for enterprises with a medium capitalization. To be placed on the Eurolist, a company has to float at least 25% of its stock. However, in the case of big operations, the float could be smaller but in any case no less than 5%, with a minimum capitalization of €5m, of the placing price. This is the only barrier to would-be listings in terms of market value.
Before an Ipo, the company must submit three years’ of certified financial statements and if the last fiscal year ended more than nine months before listing, it also has to submit its certified 1st half statements. In certain circumstances Euronext can impose specific rules, such as lock-ups. Lastly, financial statements have to be made to Ifrs accounting standards. After listing, companies must also make mandatory disclosures of price sensitive information and file their quarterly, half-year and full-year results. To list on Euronext’s Alternext (launched in May 2005; www.alternext.com) only two years’ certified financial statements are required, and a minimum float of €2.5m.