NYSE Euronext operates two Free Markets, the Free Market Brussels and the Marche Libre Paris.

Free Market Brussels

The NYSE Euronext Free Market in Brussels was created in 2004. It addresses small and medium-sized firms (SMEs) that would like to finance their development and benefit from the reputation bestowed on listed companies, without having to satisfy all the requirements related to listing on the regulated NYSE Euronext market.

For Belgian companies, Free Market listing differs from listing on NYSE Euronext’s regulated markets because it requires:

  • No obligation to distribute/offer a minimum percentage of shares to the public (‘free float’).
  • No obligation to publish accounts in IFRS format.
  • No obligation to submit to the Lippens Code of corporate governance.
  • No obligation to publish accounts twice a year, or to publish price sensitive information, such as information which could have an influence on the price.
  • No obligation for shareholders to publish crossings at every 5% ownership stage

To list on the Free Markets, a company must prepare a prospectus that is approved by the CBFA (Banking, Finance and Insurance Commission). This prospectus describes the company's activity, its prospects, and the characteristics of the securities to be listed (equities, bonds, convertible bonds, etc). A listing sponsor will assist the company in preparing a prospectus, and a financial intermediary will be in charge of investing securities.

As at July 2010, there were 26 companies listed on the Free Market Brussels. Total market capitalization was €201 million

Marché Libre Paris

The NYSE Euronext Marche Libre Paris was established in 1996 to target French and foreign SMEs that wish to join a stock exchange, but who cannot meet the criteria for admission on NYSE Euronext’s regulated markets. Consequently, issuers of the financial instruments that are traded on the Marché Libre are not bound by requirements that apply to companies listed on a regulated market:

  • The accounting requirements are those determined by the company's legal form.
  • There is no minimum public holding requirement regarding the issuer's securities.
  • NYSE Euronext Paris does not receive specific information concerning events that might affect the company's net worth or legal situation, and consequently, they cannot necessarily inform market users of such events.

However, issuers who market their securities to the public (with the meaning of ‘appel public à l’épargne’) are subject to relevant ongoing disclosure provisions of the the Autorité des marches financiers general regulations.

As at July 2010, there were 248 domestic and foreign companies listed on the Marche Libre Paris. Total market capitalization was €6,800 million