Der Neue Markt: Eine Bestandsaufnahme

The „Neuer Markt" is a new stock market segment for technology-oriented smallcaps. A new kind of intermediary, the „Betreuer", is partly responsible for the liquidity of the market. The present paper studies this new institution. An analysis of transaction and quotation data reveals that trading is active and that bid-ask spreads are low. Answers to a questionnaire reveal that the listed companies consider the new market segment to be successful. The Betreuer position does not seem to be profitable in itself. There is some crosssubsidization from the underwriting business. This dependence should be considered before the Betreuer institution is, as is planned, transferred to other segments of the German stock market