The new BX Venture Market is targeted at early stage and smaller companies and aims to start operating in the final quarter of 2011
NASDAQ OMX has received approval from the US Securities and Exchange Commission (SEC) to launch a new listing market called the BX Venture Market (BX). The intention is that BX will provide a listing venue for companies that:
- Have been delisted from other exchanges for failure to meet quantitative listing standards such as market capitalisation and number of public shareholders;
- Are private and venture-backed and wish to expand their capital raising opportunities whilst providing existing investors with an exit strategy; or
- Are currently traded over-the-counter and which could use BX as a step towards a listing on another market.
The BX holding website is here. The SEC approval notice for BX is here and contains much detail on how BX will be regulated, its quantitative and qualitative listing standards and its investor protection provisions.
The “B” in BX is a reference to the former Boston Stock Exchange, which was acquired by NASDAQ OMX in 2007 and which subsequently discontinued its listing marketplace.
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