GXG Markets
 | |
| Type | Stock exchange |
|---|---|
| Location | Horsens, Denmark |
| Founded | 1998 |
| Owner | GXG Global Exchange Group (Sweden) |
| Key people | Carl Johan Hogbom chairman Henrik Kaspersen managing director Mikael Rosenberg executive director |
| Currency | DKK, GBP and EURO |
| Website | www |
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.
GXG operated in London for nearly four years, and during that time, some £70m of fundraising took place, and a number of mergers and acquisitions took place. As a result of the market, hundreds of jobs are thought to have been created, and a number of companies were assisted in their growth during a tough economic period when the banks were not lending.
Market Identifier Codes
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
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.
Leadership
GXG Markets is chaired by Carl Johan Hogbom, formerly the CEO of the OMX Stockholm Exchange.
GXG Official Broker Dealers
GXG Corporate Advisors
Allegations of Fraud
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
References
- ^ "Virksomhed". Ftnet.dk. 2010-12-15. Retrieved 2011-10-09.
- ^ Business Club (2011-09-13). "GXG launches three-tier market for small businesses". London: Telegraph. Retrieved 2011-10-09.
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