This shows how a focussed and specialised board can succeed in the right conditions. Since its start, the Neuer Markt has been among the best-performing stock exchanges in the world. However, not all second boards tell stories of success. All these markets suffered from insufficient liquidity and were closed. AIM itself also has not had anything like the success of the Neuer Markt and has not achieved the liquidity which had been hoped for.
Many factors contribute to the success of a market.
There is no doubt in our mind that a market which aims to achieve investor confidence and embraces quality, integrity and transparency is one that is more likely to succeed. A devotion to high standards and to achieving quality and transparency has also contributed to the success of the Neuer Markt. The Neuer Markt states categorically that it sets far higher standards than the traditional first and second segment markets in Germany. It imposes tough disclosure requirements for issuers both at the time of initial listing and thereafter. The Neuer Markt aims to establish a consistent record of listing high-quality companies, to become less dependent on retail buyers and to develop a broader following of institutional investors.