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词条 Alternative Investment Market
释义

  1. Regulatory model

     Nominated Advisers (Nomads)  Self-regulation  Investor base 

  2. Market capitalisation

  3. Criticism

     "Casino" environment  Langbar International fraud 

  4. Trends

  5. Dividends

  6. See also

  7. References

  8. External links

{{Use British English|date=September 2012}}{{Use dmy dates|date=September 2012}}{{Infobox exchange
|name = AIM
|logo =
|type = Stock exchange
|city = London
|country = United Kingdom
|foundation = 19 June 1995
|owner = London Stock Exchange Group
|key_people = Marcus Stuttard Head of AIM[1]
|currency = GBP, US$
|listings = 1,254[2]
|indices = FTSE AIM All-Share
FTSE AIM 100
FTSE AIM UK 50
|homepage = AIM homepage on London Stock Exchange website
}}

AIM (formerly the Alternative Investment Market) is a sub-market of the London Stock Exchange that was launched on 19 June 1995. It allows smaller, less-viable companies to float shares with a more flexible regulatory system than is applicable to the main market.

At launch, AIM comprised only 10 companies valued collectively at £82.2 million. By 2017, over one thousand companies comprise the sub-market, with an average market cap of £80 million per listing.[3] AIM has also started to become an international exchange, often due to its low regulatory burden, especially in relation to the US Sarbanes–Oxley Act (though only a quarter of AIM-listed companies would qualify to be listed on a US stock exchange even prior to passage of the Sarbanes–Oxley Act).[4] As of December 2005, over 270 foreign companies had been admitted to the AIM.

The FTSE Group maintains three indices for measuring the AIM, which are the FTSE AIM UK 50 Index, FTSE AIM 100 Index, and FTSE AIM All-Share Index.

Regulatory model

AIM is an exchange regulated venue featuring an array of principles-based rules for publicly held companies. AIM's regulatory model is based on a comply-or-explain option that lets companies that are floated on AIM either comply with AIM's relatively few rules, or explain why it has decided not to comply with them.

Nominated Advisers (Nomads)

Aside from granting leeway in regard to regulatory compliance, the Exchange also mandates continuous oversight and advice by the issuer's underwriter, referred to as a Nominated Adviser (Nomad). The role of Nomads is central to AIM’s regulatory model, as these entities play the role of gatekeepers, advisers and regulators of AIM companies. In advising each firm as to which rules should be complied with and the manner in which existing requirements should be met, Nomads provide the essential service of allowing firms to abide by tailor-made regulation, reducing regulatory costs in the process. Theoretically, Nomads are liable for damages from tolerating misdemeanors on behalf of their supervised companies, including the loss of reputational capital. However, this heavy reliance on Nomads has been criticised as creating a conflict of interest, since Nomads receive fees from the companies they purportedly supervise while, in practice, managing to avoid liability for market misconduct.

In 2006, the London Stock Exchange launched a review of Nomad activities, resulting in a regulatory "handbook" for Nomads published by the Financial Services Authority in 2007.[5][6]

Self-regulation

Because AIM is an unregulated market segment, it escapes most of the mandatory provisions contained in European Union directives – as implemented in the UK – and other rules applicable to companies listed in the LSE. AIM believes self-regulation is pivotal to AIM’s low regulatory burden: companies seeking an AIM listing are not subject to significant admission requirements; after admission is granted, firms must comply with ongoing obligations which are comparatively lower to the ones that govern the operation of larger exchanges; and certain corporate governance provisions are not mandatory for AIM companies. Therefore, AIM-listed companies are often subject to manipulation by institutional investors. AIM-listed companies usually are only required to adhere to the corporate governance requirements of their home jurisdiction, which, as a practical matter, vary widely.[6]

However, the regulatory requirements are more onerous than for private companies and AIM listed plcs are required to prepare audited annual accounts under IFRS.[7]

Investor base

Another important element of AIM’s model is the composition of its investor base. Although AIM-listed companies are not start-ups, most are small and potentially more risky than a FTSE listing. This may prove to be hazardous for unsophisticated investors who lack both the knowledge and resources to conduct proper inquiries into a firm’s prospects and activities, or even larger investors which lack strong internal control and risk management requirements. As a consequence, AIM’s investor base is largely composed of institutional investors and wealthy individuals.[6]

Market capitalisation

The following table lists the 10 biggest AIM companies on 1st October, 2018.[8]

RankCompanyMarket Cap (GBP)
1ASOS4.82 billion
2Fevertree Drinks4.17 billion
3Burford Capital4.05 billion
4Hutchinson China Meditech3.03 billion
5Abcam PLC2.94 billion
6Boohoo.com2.72 billion
7Blue Prism Group1.59 billion
8Plus500 Ltd1.52 billion
9Dart Group1.39 billion
10RWS Holdings1.35 billion

Criticism

"Casino" environment

In March 2007, U.S. securities regulator Roel Campos suggested that AIM's rules for share trading have created a market like a "casino". Campos reportedly said: "I'm concerned that 30% of issuers that list on AIM are gone in a year. That feels like a casino to me and I believe that investors will treat it as such."[9] The comment resulted in several angry retorts, including one from the London Stock Exchange, which controls AIM, pointing out that the number of companies that go into liquidation or administration in a year is actually fewer than 2%.[9]

AIM has since issued new rules requiring that listed companies maintain a website.[10]

The calibre of participants in the market has also been criticised by fund manager John Hempton of Bronte Capital Management.[11]

Langbar International fraud

AIM was criticised for allowing Langbar International to be listed.[12][13][14] This £375 million ($750m) share fraud was investigated by the Serious Fraud Office[15][16][17][18][19][20] and the City of London Police when it was discovered in November 2005 that Langbar had none of the assets it declared at listing. This was due in part because the Nomad (Nominated Adviser) failed to carry out due diligence. Also, the Exchange did not ensure that the AIM rules had been complied with. The AIM changed the rules for Nomads in 2006.[21][22][23] On 19 October 2007 they fined Nabarro Wells £250,000 ($512,500)[24] and publicly censured them for breaches of the AIM rules.[25][26][27]

Trends

In March 2007 the Daily Telegraph noticed a tendency to use listing vehicles incorporated in offshore financial centres prior to floating on AIM. Some 35% of the companies floated on AIM during 2006 were from OFCs, of which the majority came from the Channel Islands or the British Virgin Islands.[28]

On 29 January 2009 it was announced that AIM is to form the basis of an Asian-orientated growth or incubator market called 'Tokyo AIM', which will be run as a joint venture between the Tokyo Stock Exchange and LSE. Tokyo AIM will replicate AIM's system of oversight by NOMADs, with 'J-Nomads' being "selected and approved by TOKYO AIM ... to assess companies’ suitability for the market".[29]

Dividends

As of October 1st, 2018, just under a third of AIM-listed companies have paid shareholders a dividend within their most recent financial year. The largest companies to have paid dividends include: Fevertree Drinks PLC (FEVR), Burford Capital Ltd (BUR), and Abcam PLC (ABC). The smallest companies to have paid dividends include: Holders Technology PLC (HDT), Aeorema Communications PLC (AEO), and Stilo International (STL).[30]

See also

  • First North Nordic alternative stock listing modelled after AIM
  • Growth Enterprise Market of Hong Kong
  • Nominated Adviser (NOMAD)
  • PSQ Analytics

References

1. ^LSE AIM Contact page 1 August 2009 {{webarchive |url=https://web.archive.org/web/20090620020716/http://www.londonstockexchange.com/companies-and-advisors/aim/contact/contact.htm |date=20 June 2009 }}
2. ^{{cite news | title = AIM Statistics April 2010 | publisher = London Stock Exchange |date=April 2010 | url = http://www.londonstockexchange.com/statistics/historic/aim/apr-10.pdf | format = PDF}}
3. ^{{cite web |url=http://www.iii.co.uk/articles/379516/how-aim-came-age |title=How AIM came of age |publisher=Interactive Investor |author=Andrew Hore |date=27 January 2017 |accessdate=28 January 2017 |deadurl=no |archiveurl=https://web.archive.org/web/20170129145001/http://www.iii.co.uk/articles/379516/how-aim-came-age |archivedate=29 January 2017 |df=dmy-all }}
4. ^{{cite web|url=https://papers.ssrn.com/sol3/papers.cfm?abstract_id=982193|ssrn=982193 |title=Doidge, Karolyi and Stulz "Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices over Time" |publisher=Papers.ssrn.com |date=25 April 2007 |accessdate=20 November 2011}}
5. ^{{cite news | last = Warwick-Ching | first = Lucy | title = Advisers walk away from smallest fry |work=Financial Times | date = 29 December 2007 | url = http://www.ft.com/cms/s/0/ceaa9e54-b5af-11dc-896e-0000779fd2ac.html}}
6. ^1 2 {{cite journal | last = Mendoza | first = Jose Miguel | title = Securities regulation in low-tier listing venues: The rise of the Alternative Investment Market | journal = Fordham Journal of Corporate & Financial Law | volume = XIII | issue = 1 | location = New York |date=October 2007 | ssrn = 1004548 | type = abstract}}
7. ^{{cite web|title=Rule 19 of AIM Rules for Companies (2010)|url=http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/rules/aim-rules-for-companies.pdf|work=London Stock Exchange|publisher=London Stock Exchange|accessdate=15 August 2013|deadurl=no|archiveurl=https://web.archive.org/web/20130102195554/http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/rules/aim-rules-for-companies.pdf|archivedate=2 January 2013|df=dmy-all}}
8. ^{{cite web|url=https://aim-watch.com/articles/largest-smallest-aim-companies/|title=Largest & Smallest Market Cap AIM Companies|last=|first=|date=2018-10-01|website=AIM-Watch|archive-url=|archive-date=|dead-url=|accessdate=2018-11-17}}
9. ^1 {{cite news |author=Jill Treanor |url=http://business.guardian.co.uk/story/0,,2030750,00.html?gusrc=rss&feed=24 |title=Treanor, Jill "City hits out over US 'casino' jibe at Aim" The Guardian 10 March 2007 |publisher=Business.guardian.co.uk |accessdate=20 November 2011 |location=London |date=9 March 2007 |deadurl=no |archiveurl=https://web.archive.org/web/20070314205431/http://business.guardian.co.uk/story/0,,2030750,00.html?gusrc=rss&feed=24 |archivedate=14 March 2007 |df=dmy-all }}
10. ^{{cite web |url=http://www.aimlisting.co.uk/index.php/page/aim-rule-26-explained |title=LSE AIM Rule 26 |publisher=Aimlisting.co.uk |accessdate=20 November 2011 |deadurl=no |archiveurl=https://web.archive.org/web/20111112094243/http://www.aimlisting.co.uk/index.php/page/aim-rule-26-explained |archivedate=12 November 2011 |df=dmy-all }}
11. ^{{cite magazine |last=Frost |first=James |date=November 2016 |title=The iconoclast |magazine=SmartInvestor |publisher=The Australian Financial Review |page=9 |quote="And then there are certain places with a preponderance of bad people. Stockbrokers from Long Island, mining promotors in Perth or Vancouver, anything on the AIM boards in the UK."}}
12. ^{{Cite web|url=http://www.ft.com/cms/s/0/7a5a87f6-afda-11da-b417-0000779e2340.html|title=Aim's lesser ranks face the threat of shell shock|last=|first=|date=|website=Financial Times|archive-url=|archive-date=|dead-url=|access-date=30 April 2018}}
13. ^{{Cite web|url=http://www.thelawyer.com/cgi-bin/item.cgi?id=122275&d=11&h=24&f=23|title=Expanding AIM faces increased LSE scrutiny|last=|first=|date=|website=The Lawyer|archive-url=|archive-date=|dead-url=|access-date=9 October 2006}}
14. ^{{cite web |url=http://www.thelawyer.com/cgi-bin/item.cgi?id=128906&d=11&h=449&f=416 |title=Has the Langbar scandal damaged AIM's healthy reputation? |work=The Lawyer |date=24 September 2007 |accessdate=20 November 2011 |deadurl=yes |archiveurl=https://web.archive.org/web/20090211221109/http://www.thelawyer.com/cgi-bin/item.cgi?id=128906&d=11&h=449&f=416 |archivedate=11 February 2009 |df=dmy-all }}
15. ^{{cite web|url=http://www.sfo.gov.uk/news/prout/pr_444.asp?seltxt= |title=Serious Fraud Office Press Releases 29 November 2005 |publisher=Sfo.gov.uk |accessdate=20 November 2011 |deadurl=yes |archiveurl=https://web.archive.org/web/20110929205530/http://www.sfo.gov.uk/news/prout/pr_444.asp?seltxt= |archivedate=29 September 2011 }}
16. ^{{cite news |author=Simon Bowers |url=https://www.theguardian.com/business/2005/nov/26/3 |title=Fraud inquiry starts into shell firm's missing millions |work=The Guardian |location=UK |accessdate=20 November 2011 |date=25 November 2005 |deadurl=no |archiveurl=https://web.archive.org/web/20130930145309/http://www.theguardian.com/business/2005/nov/26/3 |archivedate=30 September 2013 |df=dmy-all }}
17. ^{{Cite web|url=http://www.ft.com/cms/s/0/58affd9a-5e43-11da-a9e8-0000779e2340.html|title=Langbar faces SFO probe over possible missing cash|last=|first=|date=26 November 2005|website=Financial Times|archive-url=|archive-date=|dead-url=|access-date=30 April 2018}}
18. ^{{Cite news|url=https://www.telegraph.co.uk/money/|title=Money|date=2016-02-16|work=The Telegraph|access-date=2018-08-24|language=en-GB|issn=0307-1235}}
19. ^{{Cite web|url=https://www.theguardian.com/business/2005/nov/30/money|title=Fraud office launches inquiry into Langbar|last=Bowers|first=Simon|date=2005-11-30|website=the Guardian|language=en|access-date=2018-08-24}}
20. ^{{cite web|author=Published on Tue 29 Nov 09:51:14 GMT 2005 |url=http://www.yorkshirepost.co.uk/1299/Langbar-The-SFO-are-called.1269815.jp |title=Langbar: The SFO are called in |date=29 November 2005 |work=Yorkshire Post |accessdate=20 November 2011}}
21. ^"Sharewatch: LSE takes AIM" {{webarchive|url=https://web.archive.org/web/20110612031136/http://business.timesonline.co.uk/tol/business/article681778.ece |date=12 June 2011 }}. The Sunday Times, 2 July 2006
22. ^"Inside the City: Rogue nomads in the firing line" {{webarchive|url=https://web.archive.org/web/20110612031407/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article681813.ece |date=12 June 2011 }} The Sunday Times, 2 July 2006
23. ^{{cite news |url=https://www.telegraph.co.uk/finance/2948359/LSE-takes-aim-at-nomads-to-quell-concerns.html |title=LSE takes aim at nomads to quell concerns |date=3 October 2006 |work=The Daily Telegraph |location=UK |accessdate=20 November 2011 |first=Yvette |last=Essen |deadurl=no |archiveurl=https://web.archive.org/web/20140313063236/http://www.telegraph.co.uk/finance/2948359/LSE-takes-aim-at-nomads-to-quell-concerns.html |archivedate=13 March 2014 |df=dmy-all }}
24. ^{{cite web |url=http://www.discount-currency-exchange.com/historical-rates/history_currency_search.cfm |title=Historic Currency Conversion |date=19 October 2007 |publisher=Discount-currency-exchange.com |accessdate=20 November 2011 |deadurl=no |archiveurl=https://web.archive.org/web/20080511211921/http://www.discount-currency-exchange.com/historical-rates/history_currency_search.cfm |archivedate=11 May 2008 |df=dmy-all }}
25. ^{{cite web |url=http://www.ft.com/cms/s/0/a709e5b6-7e6a-11dc-8fac-0000779fd2ac.html |title="Nomad strayed from market rules" Financial Times 19 October 2007 |work=Financial Times |date=19 October 2007 |accessdate=20 November 2011 |deadurl=no |archiveurl=https://web.archive.org/web/20120629165722/http://www.ft.com/cms/s/0/a709e5b6-7e6a-11dc-8fac-0000779fd2ac.html |archivedate=29 June 2012 |df=dmy-all }}
26. ^{{cite web|author=Robert Lea |url=http://www.thisismoney.co.uk/investing-and-markets/article.html?in_article_id=425482&in_page_id=3 |title=Nabarro Wells censured by LSE over listing |work=Evening Standard |location=London |date=29 October 2007 |accessdate=20 November 2011}}
27. ^LSE hits Nabarro Wells with £250,000 fine over AIM checks" {{webarchive|url=https://web.archive.org/web/20110612031432/http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2696969.ece |date=12 June 2011 }} The Times 20 October 2007
28. ^{{cite news |author=Essen, Yvette |url=https://www.telegraph.co.uk/finance/markets/marketreport/2805643/Aim-market-Offshore-attractions-for-the-sophisticated-investor.html |title=Aim market: Offshore attractions for the 'sophisticated' investor |work=The Daily Telegraph |location=UK |accessdate=20 November 2011 |date=12 March 2007 |deadurl=no |archiveurl=https://web.archive.org/web/20110805093809/http://www.telegraph.co.uk/finance/markets/marketreport/2805643/Aim-market-Offshore-attractions-for-the-sophisticated-investor.html |archivedate=5 August 2011 |df=dmy-all }}
29. ^{{cite web |url=http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2009/tokyostockexchangeandlondonstockexchangepublishrulebookforpubliccommentnamenewgrowthmarkettokyoaim.htm |title=Tokyo Stock Exchange and London Stock Exchange publish rulebook for public comment; name new growth market "TOKYO AIM" |date=29 January 2009 |publisher=London Stock Exchange |accessdate=20 November 2011 |deadurl=yes |archiveurl=https://web.archive.org/web/20111029030306/http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2009/tokyostockexchangeandlondonstockexchangepublishrulebookforpubliccommentnamenewgrowthmarkettokyoaim.htm |archivedate=29 October 2011 |df=dmy-all }}
30. ^{{Cite web|url=https://aim-watch.com/articles/aim-dividends/|title=Dividend Yield Opportunities On AIM (2018)|last=|first=|date=2018-10-01|website=AIM-Watch|archive-url=|archive-date=|dead-url=|access-date=2018-12-16}}
  • {{cite news

| title = Aim for the ambitious
|work=The Daily Telegraph |location=UK
| date = 25 May 2005
| url = https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/05/25/cmaim25.xml }}

External links

  • AIM homesite (English)
  • FTSE Group website
  • AIM Listing News
  • AIM Market News
  • AIM Trust
  • [https://web.archive.org/web/20131224221603/http://www.tse.or.jp/rules/promarket/ TOKYO PRO market (was Tokyo-AIM until LSE-AIM's withdrawal from Tokyo-AIM)]
  • The Essential AIM Stock Market Guide
{{Economy of the United Kingdom}}

5 : Finance in the United Kingdom|Companies listed on the Alternative Investment Market|London Stock Exchange|1995 establishments in the United Kingdom|Stock exchanges in the United Kingdom
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