泛欧交易所筹建小企业交易所

A new pan-European stock exchange for entrepreneurs is being planned by NYSE Euro-next to plug the gap in funding for small companies and help them raise money from investors more easily.

纽约泛欧交易所(NYSE Euronext)正在筹建一家新的泛欧洲证券交易所，专门面向创业者，以弥补小企业的融资缺口，并帮助它们从投资者那里更容易的筹集资金。

The exchange – dubbed the “Entrepreneurs’ Exchange by NYSE Euronext – will facilitate fundraising through new issues of bonds as well as equity. Companies would carry out both initial public offerings of shares and initial bond offerings, and even a “pre-IPO of convertibles – that is, investments that would in time convert from bonds into equities.

这个交易所——被纽约-泛欧交易所称为“企业家的交易所——将为企业通过发行债券和股票融资提供便利。企业既可以进行首次公开发行(IPO)股票，也可以开展首次债券发行，甚至可以发行“上市前(pre-IPO)的可转换债券。

The new exchange, which will be carved out of existing Euro-next and Alternext markets, is the latest attempt by policy makers and exchange operators to boost corporate growth following the financial crisis. It comes amid increasing concerns that curbs on bank lending are squeezing small companies.

新交易所的上市主体将来自现有的泛欧交易所及其创业板市场Alternext，这是此次金融危机之后政策制定者和交易所运营商提振企业增长的最新尝试。人们越来越担忧，针对银行放贷的限制正令小企业受到挤压。

About 900 companies already listed on Euronext with market capitalisations of less than €1bn would be transferred to the new exchange, as would companies listed in the Alternext, which is Euronext’s share trading platform for small companies.

已在泛欧交易所上市、市值低于10亿欧元的约900家公司以及在Alternext上市的公司，将被转移到这个新的交易所。Alternext是泛欧交易所小企业股票交易平台。

The move is partly a response to the JOBS Act (Jump Start Our Business Start-ups) in the US, which eased the rules for small businesses raising equity capital for expansion.

此举在一定程度上是对美国《提振初创企业法案》(JOBS Act)的回应，该法案放松了对小企业为业务扩张筹集股本的规定。

NYSE Euronext is also seeking to ban so-called high-frequency trading in such stocks. This involves using superfast computers to trade and hold positions for fractions of a second, and is widely blamed for increasing volatility in small company shares. The exchange said it would seek to ban such trading by placing a levy on the cancellation of orders – a common practice among some high-frequency traders.

纽约泛欧交易所还希望禁止这些股票的高频交易。这种交易利用超高速电脑在不到一秒的时间内进行交易并持有头寸。高频交易因加大了小公司股票的波动性而广受批评。该交易所表示，将寻求通过对订单取消（这是一些高频交易员的常见做法）征税禁止此类交易。

There would also be a “foyer market attached to the new exchange which would allow companies to acclimatise for a few years to the requirements of being listed.

此外还将设立一个与这个新的交易所相关联的“门厅(foyer)市场，将允许企业在几年时间内适应上市要求。