GXG Markets

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GXG Markets
GXG logo gray markets.gif
Type Stock exchange
Location Horsens, Denmark
Founded 1998
Owner GXG Global Exchange Group (Sweden)
Key people Carl Johan Hogbom chairman
Peter Almberg managing director
Mikael Rosenberg executive director
Currency DKK, GBP and EURO
Website www.gxgmarkets.com

GXG Markets was a European Regulated Market[1] which operated a securities market focusing on SME companies by operating a three-tier market structure[2] with an OTC (Over-the-counter) segment called GXG First Quote (an information and trading platform for professional investors), a multilateral trading facility (MTF) called GXG Main Quote and a Regulated market called GXG Official List.

GXG Markets utilised its parent company's, GXG Global Exchange Group's proprietary electronic trading platform, GXG Tellus. The GXG Markets have two kinds of members. The Corporate Advisors and the Broker Dealers. A Corporate Advisor is listing firms on the Market, while an official (regulated) Broker Dealer can set up trading accounts, trade and clear shares or debt of the exchange on the MTF and Regulated Markets.

Market Identifier Codes[edit]

GXGR (GXG Official List - "Regulated Market"), GXGM (GXG Main Quote - "MTF"), GXGF (GXG Fist Quote - "OTC").

According to ISO10383 and ESMA (European Securities and Markets Authority).

Background[edit]

GXG Markets were originally established in 1998 as Dansk Autoriseret Markedsplads. The company was the first to be approved by the Danish Financial Supervisory Authority to operate an authorized marketplace. In August 2010, the company was acquired by Swedish GXG Global Exchange Group. By 2011 Swedish GXG Global Exchange Group was running short of funds, and the regulatory working capital of GXG Markets was removed by owner Michael Rosenberg and used to buy out the initial shareholders. By end of 2011 Rosenberg sold the group to a new group of investors – Per and Olle Setterberg, and Carl-Henrik Sellman. They retained Group Chairman Carl-Johan Hogbom and CEO Peter Almberg, who continued to the date of closure but had no executive control. They pushed for new listings to be made, with a basic ignorance of compliance screening of listing candidates. As such the GXG listings grew from 12 (Sept. 2012) to 100+ by mid 2014.

Leadership[edit]

GXG Markets is chaired by Carl Johan Hogbom, formerly the CEO of the OMX Stockholm Exchange. The CEO is Peter Almberg.

GXG Official Broker Dealers[edit]

GXG Corporate Advisors[edit]

Allegations of Fraud[edit]

The Danish Financial Services Authority raised questions: "that GXG repeatedly and grossly neglected and disregarded its own rules and internal guidelines. As a consequence of this neglect, GXG exposed itself and the market to the exact same risk elements that the very same rules are intended to manage and mitigate. Against this backdrop, Finanstilsynet assesses that GXG has failed to operate its regulated market and multilateral trading facilities in an adequate and appropriate manner. Such operation is irreconcilable with continuation of the company's licences and therefore, Finanstilsynet assesses that the company's licenses should be withdrawn." At least one group has filed legal claims against GXG and its Chairman, Carl Johan Hogbom alleging billions of Euros in fraud were facilitated by GXG and direct losses of €50 million.

See also[edit]

References[edit]

  1. ^ "Virksomhed". Ftnet.dk. 2010-12-15. Retrieved 2011-10-09. 
  2. ^ Business Club (2011-09-13). "GXG launches three-tier market for small businesses". London: Telegraph. Retrieved 2011-10-09. 

External links[edit]