Publication:
SME Exchanges in Emerging Market Economies : A Stocktaking of Development Practices

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dc.contributor.authorHarwood, Alison
dc.contributor.authorKonidaris, Tanya
dc.date.accessioned2015-02-03T15:02:25Z
dc.date.available2015-02-03T15:02:25Z
dc.date.issued2015-01
dc.description.abstractIn recent years, many emerging market countries have developed or are in the process of developing SME Exchanges to provide financing to SMEs, but few have succeeded. This paper aims to help stock exchanges and policy makers think through the key questions to be addressed to determine if, when, how and for whom to develop an SME Exchange in emerging market countries. It takes stock of some of the actions that exchanges can take to reduce issuance costs, in time and money for SMEs, without compromising the prudential needs of investors. The paper draws on the experience of seven SME Exchanges and the World Federation of Exchanges that participated in a workshop organized and led by the WBG to discuss these and other questions. It does not recommend a specific model to follow and does not address specific context issues, however the analysis suggests approaches that are widespread and/or could be beneficial to consider such as (1) focus on SMEs with a sizeable growth rate, (2) have the SME exchange legally related to the main board, (3) do not reduce disclosure content to reduce costs, (4) allow private placements, (5) have well regulated advisors to vet issuers and provide comfort to investors about the quality of the issue, (6) have outreach, public awareness campaign and training for SMEs, (7) consider tax incentives for investors. The report is the first in a series on this topic, and subsequent reports will address and expand on related and broader issues.en
dc.identifierhttp://documents.worldbank.org/curated/en/2015/01/23777568/sme-exchanges-emerging-market-economies-stocktaking-development-practices
dc.identifier.doi10.1596/1813-9450-7160
dc.identifier.urihttps://hdl.handle.net/10986/21381
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank Group, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 7160
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCESS TO INFORMATION
dc.subjectACCOUNTING
dc.subjectADVANCED ECONOMIES
dc.subjectALTERNATIVE INVESTMENT
dc.subjectASSET CLASSES
dc.subjectASSET VALUE
dc.subjectAUCTION
dc.subjectAUCTIONS
dc.subjectAUDIT COMMITTEE
dc.subjectBALANCE SHEET
dc.subjectBANK FINANCING
dc.subjectBANK LENDING
dc.subjectBANK LOANS
dc.subjectBANKRUPTCIES
dc.subjectBID
dc.subjectBLUE CHIP
dc.subjectBROKER
dc.subjectBROKERAGE
dc.subjectBROKERS
dc.subjectCAPACITY BUILDING
dc.subjectCAPITAL GAINS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL MARKET
dc.subjectCAPITAL MARKET FUNDING
dc.subjectCAPITAL MARKETS
dc.subjectCAPITAL MARKETS REGULATOR
dc.subjectCAPITAL MARKETS REGULATORS
dc.subjectCAPITAL RAISING
dc.subjectCAPITAL REQUIREMENT
dc.subjectCASH FLOWS
dc.subjectCHECKS
dc.subjectCOLLATERAL
dc.subjectCOLLATERAL REQUIREMENTS
dc.subjectCONFLICT OF INTEREST
dc.subjectCONFLICTS OF INTEREST
dc.subjectCONSUMER GOODS
dc.subjectCORPORATE FINANCE
dc.subjectCORPORATE GOVERNANCE
dc.subjectCOST STRUCTURE
dc.subjectCOST STRUCTURES
dc.subjectCREDIBILITY
dc.subjectCREDIT RATING
dc.subjectCREDIT WORTHINESS
dc.subjectCUSTODY
dc.subjectDEBT
dc.subjectDERIVATIVE
dc.subjectDERIVATIVES
dc.subjectDERIVATIVES MARKET
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPMENT BANK
dc.subjectDEVELOPMENT FINANCE
dc.subjectDISCLOSURE DOCUMENTS
dc.subjectDISCLOSURE REQUIREMENTS
dc.subjectDISCLOSURE STANDARDS
dc.subjectDOMESTIC INSTITUTIONAL INVESTORS
dc.subjectDUE DILIGENCE
dc.subjectECONOMIC DEVELOPMENT
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET COUNTRIES
dc.subjectEMERGING MARKET COUNTRY
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectENTRY REQUIREMENTS
dc.subjectEQUITIES
dc.subjectEQUITY CAPITAL
dc.subjectEQUITY FINANCING
dc.subjectEQUITY ISSUES
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKETS
dc.subjectEQUITY SECURITY
dc.subjectEQUITY VALUATION
dc.subjectEXCHANGE BOARD
dc.subjectEXCHANGE COMMISSION
dc.subjectFINANCE CORPORATION
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL INFORMATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENTS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STATEMENT
dc.subjectFINANCIAL STATEMENTS
dc.subjectFINANCIAL SUPPORT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE MARKETS
dc.subjectFOREIGN INVESTORS
dc.subjectFUND MANAGERS
dc.subjectGLOBAL ECONOMY
dc.subjectGOOD GOVERNANCE
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT POLICY
dc.subjectGOVERNMENT SUPPORT
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROWTH RATE
dc.subjectHOLDING
dc.subjectHOLDINGS
dc.subjectILLIQUIDITY
dc.subjectINCOME
dc.subjectINCOME TAX
dc.subjectINDEBTEDNESS
dc.subjectINDIVIDUAL INVESTORS
dc.subjectINFORMATION ASYMMETRY
dc.subjectINFORMATION DISCLOSURE
dc.subjectINFORMATION TECHNOLOGY
dc.subjectINFORMATIONAL ASYMMETRIES
dc.subjectINITIAL PUBLIC OFFERINGS
dc.subjectINSIDER TRADING
dc.subjectINSTITUTIONAL CAPACITY
dc.subjectINSTITUTIONAL INVESTMENT
dc.subjectINSTITUTIONAL INVESTOR
dc.subjectINSTITUTIONAL INVESTORS
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCE
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL MARKET
dc.subjectINVESTING
dc.subjectINVESTMENT BANKING
dc.subjectINVESTMENT BANKS
dc.subjectINVESTMENT MARKET
dc.subjectINVESTOR BASE
dc.subjectINVESTOR BASES
dc.subjectINVESTOR CONFIDENCE
dc.subjectINVESTOR DEMAND
dc.subjectINVESTOR PROTECTION
dc.subjectIPO
dc.subjectISSUANCE
dc.subjectJOB CREATION
dc.subjectJURISDICTIONS
dc.subjectLIABILITY
dc.subjectLIQUIDITY RATIO
dc.subjectLOCAL INVESTOR
dc.subjectLOCAL INVESTORS
dc.subjectLOW-INCOME COUNTRIES
dc.subjectMARKET CAP
dc.subjectMARKET CAPITALIZATION
dc.subjectMARKET DEVELOPMENT
dc.subjectMARKET EFFICIENCY
dc.subjectMARKET INTERMEDIARIES
dc.subjectMARKET MAKER
dc.subjectMARKET MAKERS
dc.subjectMARKET MAKING
dc.subjectMARKET PARTICIPANTS
dc.subjectMARKET RISK
dc.subjectMARKET SIZE
dc.subjectMARKET SPECIALIST
dc.subjectMARKET VALUATIONS
dc.subjectMINORITY INVESTOR
dc.subjectMINORITY SHAREHOLDER
dc.subjectMINORITY SHAREHOLDER RIGHTS
dc.subjectMINORITY SHAREHOLDERS
dc.subjectNATIONAL SECURITIES
dc.subjectNATIONAL STOCK EXCHANGES
dc.subjectPORTFOLIO
dc.subjectPOTENTIAL INVESTORS
dc.subjectPRIMARY MARKET
dc.subjectPRIVATE EQUITY
dc.subjectPRIVATE INVESTMENTS
dc.subjectPRIVATE PLACEMENT
dc.subjectPRIVATE PLACEMENTS
dc.subjectPUBLIC OFFERING
dc.subjectPUBLIC UTILITIES
dc.subjectREAL ESTATE
dc.subjectREGISTRATION FEE
dc.subjectREGULATORY AUTHORITY
dc.subjectREGULATORY FRAMEWORK
dc.subjectREGULATORY FRAMEWORKS
dc.subjectREPUTATION
dc.subjectRESERVE
dc.subjectRESERVE BANK
dc.subjectRETAIL INVESTOR
dc.subjectRETAIL INVESTORS
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK PROFILE
dc.subjectSAVINGS
dc.subjectSAVINGS ACCOUNTS
dc.subjectSECONDARY MARKET
dc.subjectSECONDARY MARKET LIQUIDITY
dc.subjectSECONDARY OFFERINGS
dc.subjectSECURITIES
dc.subjectSECURITIES EXCHANGE
dc.subjectSECURITIES MARKET
dc.subjectSECURITIES REGULATORS
dc.subjectSECURITIES TRANSACTION
dc.subjectSETTLEMENT
dc.subjectSETTLEMENT INFRASTRUCTURE
dc.subjectSHAREHOLDER
dc.subjectSHAREHOLDER STRUCTURE
dc.subjectSHAREHOLDERS
dc.subjectSMALL BUSINESS
dc.subjectSTAMP DUTIES
dc.subjectSTAMP DUTY
dc.subjectSTARTUP
dc.subjectSTARTUPS
dc.subjectSTOCK EXCHANGE
dc.subjectSTOCK EXCHANGES
dc.subjectSTOCK MARKETS
dc.subjectSTOCKS
dc.subjectSUPERVISORY AUTHORITY
dc.subjectTAX
dc.subjectTAX CONCESSION
dc.subjectTAX EXEMPTION
dc.subjectTAX INCENTIVE
dc.subjectTAX INCENTIVES
dc.subjectTAX INCENTIVES FOR INVESTORS
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADES
dc.subjectTRADING
dc.subjectTRADING PLATFORM
dc.subjectTRADING PLATFORMS
dc.subjectTRADING SYSTEM
dc.subjectTRANSACTION
dc.subjectTRANSPARENCY
dc.subjectTURNOVER
dc.subjectTYPE OF INVESTOR
dc.subjectVALUATIONS
dc.subjectVENTURE CAPITAL
dc.titleSME Exchanges in Emerging Market Economies : A Stocktaking of Development Practicesen
dspace.entity.typePublication
okr.crossref.titleSME Exchanges in Emerging Market Economies: A Stocktaking of Development Practices
okr.date.disclosure2015-01-15
okr.date.doiregistration2025-04-10T09:44:25.563236Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2015/01/23777568/sme-exchanges-emerging-market-economies-stocktaking-development-practices
okr.globalpracticeFinance and Markets
okr.guid102561468320934149
okr.identifier.doi10.1596/1813-9450-7160
okr.identifier.externaldocumentum000158349_20150112155857
okr.identifier.internaldocumentum23777568
okr.identifier.reportWPS7160
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2015/01/12/000158349_20150112155857/Rendered/PDF/WPS7160.pdfen
okr.topicFinance and Financial Sector Development::Microfinance
okr.topicSmall Scale Enterprise
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicMacroeconomics and Economic Growth::Markets and Market Access
okr.topicIndustry
okr.unitFinance and Markets Global Practice Group
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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