Supriya Ghosh (Editor)

GXG Markets

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Type  Stock exchange
Founded  1998
Location  Horsens, Denmark
Currency  DKK, GBP and EURO
GXG Markets

Owner  GXG Global Exchange Group (Sweden)
Key people  Carl Johan Hogbom chairman Henrik Kaspersen managing director Mikael Rosenberg executive director

GXG Markets was a European Regulated Market which operated a securities market focusing on SME companies by operating a three-tier market structure with an OTC (Over-the-counter) segment called GXG First Quote (an information and trading platform for professional investors), a multilateral trading facility (MTF) called GXG Main Quote and a Regulated market called GXG Official List.

Contents

GXG Markets utilised its parent company's, GXG Global Exchange Group's proprietary electronic trading platform, GXG Tellus. The GXG Markets have two kinds of members. The Corporate Advisors and the Broker Dealers. A Corporate Advisor is listing firms on the Market, while an official (regulated) Broker Dealer can set up trading accounts, trade and clear shares or debt of the exchange on the MTF and Regulated Markets.

Market Identifier Codes

GXGR (GXG Official List - "Regulated Market"), GXGM (GXG Main Quote - "MTF"), GXGF (GXG Fist Quote - "OTC").

According to ISO10383 and ESMA (European Securities and Markets Authority).

Background

GXG Markets were originally established in 1998 as Dansk Autoriseret Markedsplads. The company was the first to be approved by the Danish Financial Supervisory Authority to operate an authorized marketplace. In August 2010, the company was acquired by Swedish GXG Global Exchange Group.

Leadership

GXG Markets is chaired by Carl Johan Hogbom, formerly the CEO of the OMX Stockholm Exchange.

GXG Official Broker Dealers

  • GXG Brokers
  • GXG Corporate Advisors

  • Corporate Advisors
  • Allegations of Fraud

    The Danish Financial Services Authority raised questions: "that GXG repeatedly and grossly neglected and disregarded its own rules and internal guidelines. As a consequence of this neglect, GXG exposed itself and the market to the exact same risk elements that the very same rules are intended to manage and mitigate. Against this backdrop, Finanstilsynet assesses that GXG has failed to operate its regulated market and multilateral trading facilities in an adequate and appropriate manner. Such operation is irreconcilable with continuation of the company's licences and therefore, Finanstilsynet assesses that the company's licenses should be withdrawn." At least one group has filed legal claims against GXG and its Chairman, Carl Johan Hogbom alleging billions of Euros in fraud were facilitated by GXG and direct losses of €50 million.

  • Lawsuit for €50 million
  • Finanstilsynet (the Danish FSA)Statement on GXG
  • References

    GXG Markets Wikipedia