ATHENS EXCHANGE GROUP
12:00 In which ways the use of Capital Markets and closer ties between infrastructures in the SEE Region can assist SMEs funding
As the cost of finance has risen while economic conditions have remained weak SMEs, are forced not only to alter their funding mix but also involve capital markets as an alternative to bank lending. However, effective capital raising through equity or debt issuance via the capital markets involves a coordinated effort from the ecosystem (legal firms, brokers, investment bankers, consultants, Exchanges, CSDs) to reduce costs and increase efficiency. In order for SMEs to make use of exchanges’ junior markets a more unified approach is needed to bring together companies, investors and markets. This is a great challenge for SE Europe countries, especially as the Capital Markets Union action plan unveils, to facilitate cross-border investments and increase regional SMEs attractiveness.
A number of efforts in the SEE markets towards the direction of strengthening the use of the local capital markets will be presented and discussed from our panel:
• Recent efforts to use Exchanges’ junior or regulated markets to attract equities or bonds issuance from smaller SMEs
• Recent developments of the SEELink to facilitate cross-border trading and assist in listing
• The development of post-trading links between CSDs and its effect in the SMEs
• The listed funds approach in which a listed fund managed by an asset manager invests in SMEs or larger companies of the public or private sector and then exits via listing them in a market.
André Küüsvek, Director Local Currency and Capital Markets Development, EBRD
Caroline Wellemans, Policy Officer, DG FISMA – Directorate-General Financial Stability, Financial Services and Capital Markets Union
Oana Truta, Vice President – Investment Analyst, Franklin Templeton Investment Management Ltd UK, Bucharest Branch
Calin Metes, Vice President – Investment Analyst, Franklin Templeton Investment Management Ltd UK, Bucharest Branch (presentation of the Fondul Proprietae case)
Vasil Golemanski, CEO, Bulgaria Stock Exchange
Siniša Krneta, CEO, Belgrade Stock Exchange
Marios Pilavakis, Chairman of the Council, Cyprus Stock Exchange
Socrates Lazaridis, CEO, Athens Stock Exhange