SWX Gives Up On 'New Market'
It emerged this week that the Swiss Stock Exchange (SWX) has given up on its
'New Market', established three years ago to provide a platform for promising
new firms. Fifteen firms - seven of which are foreign - are quoted on the New Market. However,
the alternative bourse has failed to attract any new listings since 2000. 'The market is very bad right now and there is no hope that we will see further
initial public offerings in the next few months,' SWX Spokesman, Leo Hug told
the Swissinfo news service, explaining that the bourse will no longer actively
seek listings, and that all marketing and communications activities have been
suspended. He went on to explain that: 'We had talks with some of the companies listed
on the New Market and we had the impression that some were thinking of moving
to other exchanges. Therefore it didn't make any sense to go on with our marketing
activities.' Meanwhile, it was announced on Wednesday that Switzerland has been admitted
by the United Nations Security Council as the 190th member of the UN. The General
Assembly can now vote on the issue and complete the process in September. .
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