MICROFIS, a France-based market platform for investors in “responsible finance”, recently obtained accreditation as a “listing sponsor” from NYSE Alternext, a stock exchange operated by NYSE Euronext that connects investors with small and medium-sized enterprises (SMEs) [1]. As a listing sponsor, MICROFIS will guide investors wishing to invest in NYSE Alternext-listed companies, including unspecified microfinance institutions (MFIs). It will assist the investors in meeting transparency requirements and fulfilling other legal obligations. The qualifications for becoming a listing sponsor include at least two years of experience advising companies in equity finance and the successful completion of equity-related transactions. Other trading platforms operated by NYSE Euronext include the New York Stock Exchange, Euronext and NYSE Acra.
MICROFIS also announced a partnership with MicroRate, a US-based microfinance rating agency. MICROFIS will be using MicroRate reports and analysis in its internal investment decision-making. Cyrille Parant, CEO of MICROFIS, announced, “We are pleased to have MicroRate’s expertise and analysis through their rating reports, to use in our internal evaluation and investment decision making. We share the same value of professionalism, which is critical for the development of the microfinance asset class.”
As of 2010, NYSE Alternext has 126 listed companies that have raised approximately EUR 2.2 billion (USD 3.1 billion) and represent total market capitalization of EUR 4.2 billion (USD 5.9 billion). Financial details on MICROFIS are not available.
By Nisha Koul, Research Associate
About MICROFIS: Microfis is a France-based market infrastructure organization aimed at providing financing facilities to microfinance institutions from European financial institutions by pooling origination, structuring and liquidity resources. It structures and services microfinance investments and bonds – as defined by the French Economic Modernisation Act “Loi de Modernisation Economique”- to be listed on the NYSE Alternext stock exchange. Financial details on MICROFIS are not available.
About MicroRate: MicroRate was founded in the US in 1997 with the intent to objectively evaluate microfinance institutions (MFIs), thereby increasing transparency in the industry. MicroRate claims to perform its evaluations through the “evaluation of critical risk” rather than through “rigid rating formulas.” As of 2010, the organization has offices in the United States, Peru and Morocco.
About New York Stock Exchange (NYSE) Alternext: NYSE Alternext was opened in May 2005 by its parent institution, Euronext, which later merged with NYSE Group Inc. to form NYSE Euronext, a Euro-American for-profit corporation that operates securities exchanges including New York Stock Exchange, Euronext and NYSE Acra. NYSE Alternext was created to meet the needs of small and mid-sized companies seeking simplified access to stock markets. Its rules include provisions requiring investor transparency. As of 2010, NYSE Alternext has 126 listed companies that have raised approximately EUR 2.2 billion (USD 3.1 billion) and represent total market capitalization of EUR 4.2 billion (USD 5.9 billion).
Sources and Additional Resources:
[1] La Tribune Story (in French), July 2011, “Lancement d’une plate-forme française autour de la finance responsible”, http://www.latribune.fr/entreprises-finance/banques-finance/industrie-financiere/20110106trib000589539/microfis-gagne-son-proces-contre-planet-finance.html
MicroRate Press Release, July 2011, http://microrate.com/wp-content/uploads/2008/03/Microfis_PR_MicroRateServices_Eng.pdf
MicroCapital.org story, July 26, 2010, “MICROCAPITAL BRIEF: MicroRate Releases 5th Annual Survey: “State of Microfinance Investment: The MicroRate 2010 Microfinance Investment Vehicle (MIV) Survey”, https://www.microcapital.org/microcapital-brief-microrate-releases-5th-annual-survey-state-of-microfinance-investment-the-microrate-2010-microfinance-investment-vehicle-miv-survey/
MicroCapital Universe Profile: MICROFIS, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MICROFIS
MicroCapital Universe Profile: NYSE Alternext, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=NYSE+Alternext
MicroCapital Universe Profile: MicroRate: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MicroRate
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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