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Euronext seeks to create European tech profile

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The Euronext brand is seen on the monetary and enterprise district of La Protection, amid the outbreak of the coronavirus illness (COVID-19), in Paris, France, November 10, 2020. REUTERS/Benoit Tessier/File Picture

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LONDON, June 7 (Reuters) – Euronext set out on Tuesday a brand new expertise leaders section to assist tech and development firms develop a pan-European profile for asset managers and different traders.

Euronext mentioned its prime development and tech firm listings akin to ASML (ASML.AS), Simply Eat Takeaway.com (TKWY.AS), Tom Tom (TOM2.AS) and Ubisoft (UBIP.PA) now type a brand new section which will be tracked by a brand new index from July.

They will need to have a minimal 300 million euros ($320.67 million)in market capitalisation and a minimal development charge to be included, with no efficiency standards for these with a market capitalisation of greater than 1 billion euros.

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Euronext mentioned the brand new section can even provide pre-listing providers to assist privately-held excessive development firms float by providing advisory providers and government coaching.

Europe has lengthy sought to foster ‘dwelling grown’ tech giants to compete with Nasdaq, typically the favoured trade for world tech listings.

“We don’t compete with Nasdaq,” Stephane Boujnah, Euronext’s chief government, instructed reporters. “What we try to develop here’s a essentially completely different method.”

The purpose is to defragment tech listings that are unfold throughout nationwide markets to provide them a European profile and provide a sector-wide view to traders, Boujnah mentioned.

Neuer Markt, a particular tech section on Deutsche Boerse in Frankfurt was arrange in 1997 as Europe’s reply to Nasdaq however collapsed simply 5 years later because the dotcom bubble burst.

Makes an attempt by the European Union to deepen its capital market have intensified after Britain left the bloc and commenced to draw extra listings to London and compete with the Amsterdam trade run by Euronext.

Euronext mentioned it has over 700 listed tech firms with a complete market capitalisation of 1.5 trillion euros. Of the full 212 new fairness listings final yr, greater than half got here from the tech sector, it mentioned.

($1 = 0.9355 euros)

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Reporting by Huw Jones, Modifying by Louise Heavens

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