The World Federation of Exchanges (WFE) recognises the importance of ensuring small and medium enterprises (SMEs) can access equity market financing. This research identified globally-consistent barriers and opportunities for enhancing access to equity market finance. The research results are derived from surveys of companies, investors and market intermediaries across five developed and emerging market jurisdictions. The primary findings are:

•  the company decision to list extends beyond a desire to raise finance;
•  companies perceive and experience compliance with initial and ongoing listings requirements as burdensome;
•  investors would value better quality information about SMEs, and
•  all entities attach importance to secondary market liquidity of company shares.

Based on these findings, the report sets out recommendations about:

•  how to address the scale and complexity of listing,
•  enhancing the quality of available information, and
•  addressing some of the liquidity challenges.

Finally, the report assesses the role of financial innovations such as crowdfunding or blockchain in meeting these recommendations or positively impacting the economics of the current ecosystem.