Alternative Market Listing

The Alternative Market (ENA) is a Multilateral Trading Facility (MTF) as described in the EU Directive on investment services (MiFID). It is characterized as a "non-regulated market", since it is not subject to the mandatory provisions applicable to regulated markets which impose more stringent admission and trading requirements.

It was created in 2007 in order to assist small and medium-sized enterprises in their efforts to raise capital, as well as to meet the need for easy, fast and affordable admission to an exchange environment.

Athens Exchange is solely responsible for laying down the requirements for admission to trading, as well as the obligations of companies and Nominated Advisers. The trading of shares and clearing of transactions in ENA are similar to those in the regulated market of Athens Exchange.

ENA is characterized by more flexible admission and trading criteria compared to the regulated market and is directed towards dynamic companies with growth prospects seeking to:

  • fund their development, outward-looking perspective and vision;
  • attract business partnerships and agreements;
  • gain experience for a possible subsequent move to the Main Market of Athens Exchange;
  • obtain an "objective" valuation of their company;
  • increase their visibility in Greece, the SouthEast Mediterranean and other international markets.

Athens Exchange has created the following two distinct Alternative Market segments, for which corresponding admission requirements and procedures apply:

In addition to shares, issuing companies (Greek or foreign) may also trade various types of bonds on ENA (common, convertible, exchangeable, warrant-linked, etc.). For more information about the admission of bonds, click here.

Admission of transferable securities to ENA enables companies to raise capital by means of a) a share capital increase with cash payment and issuance of new shares, or b) the issuance of corporate bonds, which will be distributed to the investing public:

  • Without a Public Offering in the framework of a Private Placement to a limited number of investors, which requires submission to ATHEX of an admission Information Document, the content of which is laid down by decision of the Board of Directors of ATHEX.
  • With a Public Offering to the investing public for a value up to €5,000,000, which requires an underwriter, the drafting of an Information Document (Decision 12/697/10.11.14 of the Board of Directors of the Hellenic Capital Market Commission) and its approval by Athens Exchange.
  • With a Public Offering to the investing public for a value equal to or higher than €5,000,000, which requires an underwriter, the drafting of a Prospectus and its approval by the Hellenic Capital Market Commission.

In all cases, capital may be raised by using the Electronic Book Building (EBB) mechanism through the network of ATHEX Members.

The trading model for shares is:

  • Continuous trading from 10:30 to 17:20;
  • Price fluctuation limits set at +/- 10%, +/-20%;
  • Use of the Automated Integrated Trading System (OASIS) of ATHEX;
  • Clearing of transactions by ATHEXClear;
  • Settlement of transactions and registration of securities by ATHEXCSD.

The trading model for bonds is:

  • Continuous trading from 10:30 to 17:00;
  • Transaction prices of bonds calculated as a percentage (%) of their face value;
  • Unlimited trading limits;
  • Use of the Automated Integrated Trading System (OASIS) of ATHEX;
  • Clearing of transactions by ATHEXClear;
  • Settlement of transactions and registration of securities by ATHEXCSD.

For more information, please contact the appropriate department.

Brochure for the Alternative Market

 

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