Generalidades sobre las modalidades de bolsas de valores para PyME, en el mundo

Abstract

Las bolsas de valores para PyME (segundo mercado) se han implementados en muchospaises con caracteristicas y requisitos diferentes. El proposito de este ensayo es describir algunasmodalidades y hacer consideraciones generales para implementar un segundo mercado. Sehallaron mercados bursatiles muy desarrollados como el Over The Counter, especificamente elNASDAQ; se considero como el primer Segundo Mercado el American Stock Exchange, ahorallamado NYSE MKT; ademas se tiene como exito el Alternative Investment Market ingles; elMercado Alternativo Bursatil de Espana tiene caracteristicas diferentes; los Mercados Alternativosde Deuda son los mas contemporaneos e introducen la emision de deuda en Europa; y se presentantres mercados en America Latina; cada uno totalmente diferente, muy originales y audaces. Dadaslas experiencias y argumentos teoricos, se sugiere disenar un Segundo Mercado enfocado en rentafija (deuda), empresas medianas y empresas en crecimiento; tambien el empresario podria elegir lamodalidad de su preferencia para crear un Segundo Mercado en paises donde no existan. Generalities on the modalities of Stock Exchanges for SMEs, in the world Abstract The Stock Exchange for SMEs (Second Market) have been implemented in many countrieswith different characteristics and requirements. The aim of this essay is to describe some modalitiesand to make general considerations to implement a Second Market. Highly developed stock marketssuch as Over The Counter was found, specifically the NASDAQ; It was considered the first SegundoMercado the American Stock Exchange, now called NYSE MKT; also have as successful EnglishAlternative Investment Market; the Alternative Stock Market of Spain has different characteristics;the Alternative Debt Markets are the most contemporary and introduce debt issuance in Europe;and three markets in Latin America are presented; each totally different, very original and daring.Given the experiences and theoretical arguments, it is suggested to design a Second Market focusedon fixed income (debt), medium enterprises and growing businesses; also the entrepreneurs couldalso selecting the modality their preferred to create a Second Market in countries where none exist.