The Interdependence of Stock Quotations on the Biggest European MTFS and Regulated Markets

Roman Asyngier
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Roman Asyngier: Maria Curie-Sklodowska University, Poland

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Abstract: This article will present a broad analysis of statistic data of share quotations and turnover volumes on the greatest European markets, Alternative Trading System (ATS) and equivalent regulated markets which are their organizers. They are supposed to serve the realization of the aim of the article, namely defining the significance of MTF for its organizers, interdependence and differences in quotations on these markets and ATS’s relative strength in relation to regulated markets. As increased risk markets, MTFs are seen as significantly worse than main markets, which is visible in all examined markets through the relative weakness of quotations of alternative markets. The First North market is viewed particularly negatively by investors. In the studied group of markets significant differences were observed in quotation correlation between MTFs and regulated markets. Among MTF markets, the highest quotation correlation occurs between Entry Standard and AIM as well as Alternext with Entry Standard and First North markets. The least correlated with other alternative markets is the Polish NewConnect. European MTFs are a minor supplement for regulated markets. Taking into account the short period of these markets' existence and the simplified procedure of introduction of companies’ quotations on the stock, it might be assumed that their significance may in some cases increase.

Keywords: multilateral trading facilities; regulated markets; interdependence of stock quotations; correlation; relative strength; capital market (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:tkp:mklp15:281-287

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