View source for Alternative Investment Market

{{short description|Sub-market of the London Stock Exchange}}
{{Infobox exchange
|name       = AIM
|logo       = [[File:Alternative Investment Market (AIM) Logo.png]]
|type       = [[Stock exchange]]
|city       = [[London]]
|country    = England, UK
|foundation = 19 June 1995
|owner      = [[London Stock Exchange Group plc|London Stock Exchange Group]]
|key_people = [[Marcus Stuttard]] <small>(Head of UK Primary Markets and AIM)</small><ref>[https://www.londonstockexchange.com/raise-finance/equity/aim LSE AIM Contact page 3 Jun 2021] {{webarchive |url=https://web.archive.org/web/20090620020716/http://www.londonstockexchange.com/companies-and-advisors/aim/contact/contact.htm |date=20 June 2009 }}</ref>
|currency   = [[Pound sterling|GBP]], US$
|listings   = 821<ref name="lseAIMlistings">
{{cite news <!-- [[Wikipedia:Citation templates]] -->
  | title = Reports: Issuer List, May 2021
  | publisher = [[London Stock Exchange]]
  | date = May 2021
  | url = https://docs.londonstockexchange.com/sites/default/files/reports/Issuer%20list_16.xlsx
  | format = xlsx
}}
</ref>
|indices    = FTSE AIM All-Share<br>FTSE AIM 100<br> FTSE AIM UK 50
|homepage   = [https://www.londonstockexchange.com/raise-finance/equity/aim 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 as a replacement to the previous [[Unlisted Securities Market|Unlisted Securities Market (USM)]] that had been in operation since 1980. It allows [[Company|companies]] that are smaller, less-developed, or want/need a more flexible approach to governance to [[Initial public offering|float]] [[stock|shares]] with a more flexible [[financial regulation|regulatory system]] than is applicable on the main market.

At launch, AIM comprised only 10 companies valued collectively at £82.2 million. As at May 2021, 821 companies comprised the sub-market, with an average market cap of £80 million per listing.<ref name="lseAIMlistings"></ref> 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).<ref>{{Citation |date=25 April 2007 |title=Doidge, Karolyi and Stulz "Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices over Time" |publisher=Papers.ssrn.com |ssrn=982193}}</ref> By December 2005, over 270 foreign companies had been admitted to AIM.

The [[FTSE Group]] maintains three indices for measuring 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 (organized market)|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|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|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.<ref name="FT071229">
{{cite news <!-- [[Wikipedia:Citation templates]] -->
  | 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
}}
</ref><ref name="Mendoza1007">{{Cite journal |last=Mendoza |first=Jose Miguel |date=October 2007 |title=Securities regulation in low-tier listing venues: The rise of the Alternative Investment Market |journal=Fordham Journal of Corporate & Financial Law |type=abstract |location=New York |volume=XIII |issue=1 |ssrn=1004548}}</ref>

===Self-regulation===
AIM is an unregulated market segment, therefore 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.<ref name="Mendoza1007" />

However, the regulatory requirements are more onerous than for private companies and AIM listed plcs are required to prepare audited annual accounts under [[IFRS]].<ref>{{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 |url-status=live |archive-url=https://web.archive.org/web/20130102195554/http://www.londonstockexchange.com/companies-and-advisors/aim/advisers/rules/aim-rules-for-companies.pdf |archive-date=2 January 2013 |access-date=15 August 2013 |website=London Stock Exchange |df=dmy-all}}</ref>

===Investor base===
Another important element of AIM's model is the composition of its investor base. Although AIM-listed companies are not [[Startup company|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 investor]]s and wealthy individuals.<ref name="Mendoza1007" />

==Market capitalisation==

The following table lists the 10 biggest AIM companies on 31 May 2021.<ref name="lseAIMlistings"></ref>
{{needs update|date=October 2024}}
{| class="wikitable"
|-
!Rank||Company||Market Cap (GBP)
|-
|1||[[ASOS.com|ASOS PLC]]||4.869 billion
|-
|2||[[Boohoo.com|Boohoo Group PLC]]||4.035 billion
|-
|3||[[Abcam|Abcam PLC]]||3.211 billion
|-
|4||Hutchmed (China) Ltd||3.060 billion
|-
|5||[[Fever-Tree|Fevertree Drinks PLC]]||2.977 billion
|-
|6||[[Jet2 plc|Jet2 PLC]]||2.897 billion
|-
|7||[[RWS Group|RWS Holdings PLC]]||2.487 billion
|-
|8||[[ITM Power|ITM Power PLC]]||2.166 billion
|-
|9||Ceres Power Holdings PLC||2.070 billion
|-
|10||[[Keywords Studios|Keywords Studios PLC]]||1.967 billion
|}

==Companies ==
The following table lists the top 100 AIM companies by market capitalisation on 25 April 2020.<ref name=":0">{{Cite web |date=2020-04-25 |title=FTSE AIM 100: Market overview |url=https://www.hl.co.uk/shares/stock-market-summary/ftse-aim-100/ |access-date=2020-04-25 |website=Hargreaves Lansdown}}</ref>{{needs update|date=October 2024}}
{| class="wikitable"
|+List of all Alternative Investment Market constituents<ref>AIM Quoted Company Search|https://www.aimlisting.co.uk/aim-company-list/</ref>
!Company
!Ticker
|-
|AB Dynamics plc
|ABDP
|-
|Abcam plc
|ABC
|-
|Advanced Medical Solutions Group plc
|AMS
|-
|Alliance Pharma Plc
|APH
|-
|Alpha Financial Markets Consulting Plc
|AFM
|-
|Alpha Group International plc
|ALPH
|-
|Andrews Sykes Group plc
|ASY
|-
|Applegreen plc
|APGN
|-
|ASOS plc
|ASC
|-
|[[Atalaya Mining]] plc
|ATYM
|-
|Benchmark Holdings plc
|BMK
|-
|Blue Prism plc
|PRSM
|-
|Boohoo Group plc
|BOO
|-
|Breedon Group plc
|BREE
|-
|[[Brooks Macdonald Group]]<ref>{{Cite web |title=BROOKS MACDONALD GROUP PLC overview - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/04402058 |access-date=2023-01-28 |website=find-and-update.company-information.service.gov.uk |language=en}}</ref>
|BRK
|-
|Burford Capital Ltd
|BUR
|-
|Bushveld Minerals Ltd
|BMN
|-
|Camellia
|CAM
|-
|Caretech Holdings plc
|CTH
|-
|Central Asia Metals
|CAML
|-
|Ceres Power Holdings
|CWR
|-
|Clinigen Group plc
|CLIN
|-
|Codemasters Group Holdings Limited
|CDM
|-
|Cohort plc
|CHRT
|-
|Craneware plc
|CRW
|-
|Creo Medical Group Plc
|CREO
|-
|CVS Group plc
|CVSG
|-
|Dart Group plc
|DTG
|-
|[[Diversified Gas & Oil]] Plc
|DGOC
|-
|dotDigital Group plc
|DOTD
|-
|Draper Esprit plc
|GROW
|-
|Eddie Stobart Logistics plc
|ESL
|-
|Emis Group Plc
|EMIS
|-
|Fevertree Drinks plc
|FEVR
|-
|Focusrite plc
|TUNE
|-
|Frontier Developments plc
|FDEV
|-
|[[Gamma Communications]] Ltd
|GAMA
|-
|Gateley Holdings plc
|GTLY
|-
|GB Group plc
|GBG
|-
|GlobalData plc
|DATA
|-
|Gooch & Housego
|GHH
|-
|Greencoat Renewables plc
|GRP
|-
|Highland Gold Mining
|HGM
|-
|Horizon Discovery Group plc
|HZD
|-
|[[Hotel Chocolat|Hotel Chocolat Group plc]]
|HOTC
|-
|Hurricane Energy plc
|HUR
|-
|Hutchison China Meditech
|HCM
|-
|Ideagen Plc
|IDEA
|-
|IG Design Group plc
|IGR
|-
|IMImobile plc
|IMO
|-
|Impax Asset Management Group Plc
|IPX
|-
|Iomart Group
|IOM
|-
|IQE plc
|IQE
|-
|[[ITM Power]] plc
|ITM
|-
|Jadestone Energy Inc
|JSE
|-
|James Halstead plc
|JHD
|-
|Johnson Service Group plc
|JSG
|-
|Judges Scientific plc
|JDG
|-
|[[Kape Technologies]] Plc
|KAPE
|-
|[[Keywords Studios]] plc
|KWS
|-
|Knights Group Hldgs
|KGH
|-
|Learning Technologies Group plc
|LTG
|-
|[[Loungers plc|Loungers]]
|LGRS
|-
|M P Evans Group Plc
|MPE
|-
|Marlowe plc
|MRL
|-
|[[Mattioli Woods]] Plc
|MTW
|-
|Midwich Group plc
|MIDW
|-
|Mortgage Advice Bureau (Holdings) Ltd
|MAB1
|-
|Next Fifteen Communications Group
|NFC
|-
|Nichols plc
|NICL
|-
|[[Numis]] Corporation
|NUM
|-
|[[Pan African Resource Reporting Code|Pan African Resources]] plc
|PAF
|-
|Pebble Group plc
|PEBB
|-
|Polar Capital Holdings Plc
|POLR
|-
|Premier Miton Group plc
|PMI
|-
|[[Purplebricks Group|PurpleBricks Group]] plc
|PURP
|-
|Randall & Quilter Investment Holdings Ltd
|RQIH
|-
|Renew Holdings Plc
|RNWH
|-
|Restore Plc
|RST
|-
|RWS Holdings plc
|RWS
|-
|Scapa Group plc
|SCPA
|-
|Secure Income REIT plc
|SIR
|-
|Serica Energy Plc
|SQZ
|-
|[[Silence Therapeutics]] plc
|SLN
|-
|[[Smart Metering Systems]] plc
|SMS
|-
|Strix Group plc
|KETL
|-
|[[Sumo Group]]
|SUMO
|-
|Team17 Group Plc
|TM17
|-
|Telit Communications Plc
|TCM
|-
|Thorpe (F.W) plc
|TFW
|-
|[[Tracsis|Tracsis plc]]
|TRCS
|-
|[[Nexxen]]
|NEXN
|-
|Uniphar plc
|UPR
|-
|Victoria plc
|VCP
|-
|Wandisco plc
|WAND
|-
|[[Warehouse REIT]] plc
|WHR
|-
|Watkin Jones plc
|WJG
|-
|[[YouGov|YouGov Plc]]
|YOU
|-
|Young & Co's Brewery Plc (A shares)
|YNGA
|-
|Young & Co's Brewery Plc (non-voting shares)
|YNGN
|}

==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."<ref name="business.guardian.co.uk">{{Cite news |last=Jill Treanor |date=9 March 2007 |title=Treanor, Jill "City hits out over US 'casino' jibe at Aim" The Guardian 10 March 2007 |publisher=Business.guardian.co.uk |location=London |url=http://business.guardian.co.uk/story/0,,2030750,00.html?gusrc=rss&feed=24 |url-status=live |access-date=20 November 2011 |archive-url=https://web.archive.org/web/20070314205431/http://business.guardian.co.uk/story/0,,2030750,00.html?gusrc=rss&feed=24 |archive-date=14 March 2007 |df=dmy-all}}</ref> 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 (insolvency)|administration]] in a year is actually fewer than 2%.<ref name="business.guardian.co.uk" />

AIM has since issued new rules requiring that listed companies maintain a website.<ref>{{Cite web |title=LSE AIM Rule 26 |url=http://www.aimlisting.co.uk/index.php/page/aim-rule-26-explained |url-status=live |archive-url=https://web.archive.org/web/20111112094243/http://www.aimlisting.co.uk/index.php/page/aim-rule-26-explained |archive-date=12 November 2011 |access-date=20 November 2011 |publisher=Aimlisting.co.uk |df=dmy-all}}</ref>

The calibre of participants in the market has also been criticised by fund manager John Hempton of Bronte Capital Management.<ref>{{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 promoters in Perth or Vancouver, anything on the AIM boards in the UK."}}</ref>

=== Crown Corporation / Langbar International fraud ===

In 2003 Langbar international was admitted to the AIM.

In 2011 Langbar's now former CEO, Stuart Pearson was found guilty of "three counts of making misleading statements by falsely claiming in stock market announcements that the company had assets held by [[Banco do Brasil]] and that some assets were being transferred to the company", jailed for 12 months and banned for being a company director for five years.<ref>{{Cite web|last=Croft and Binham|first=Jane and Caroline|date=14 November 2011|title=Ex-chief at Langbar jailed|url=https://www.ft.com/content/a44acf24-9b72-11e0-bbc6-00144feabdc0|url-status=live|access-date=2021-08-14|website=www.ft.com|archive-url=https://web.archive.org/web/20180519084523/https://www.ft.com/content/a44acf24-9b72-11e0-bbc6-00144feabdc0 |archive-date=19 May 2018 }}</ref>

This £365 million ($750m) [[share (finance)|share]] fraud was investigated by the [[Serious Fraud Office (UK)|Serious Fraud Office]]<ref>{{Cite news |last=Simon Bowers |date=25 November 2005 |title=Fraud inquiry starts into shell firm's missing millions |work=The Guardian |location=UK |url=https://www.theguardian.com/business/2005/nov/26/3 |url-status=live |access-date=20 November 2011 |archive-url=https://web.archive.org/web/20130930145309/http://www.theguardian.com/business/2005/nov/26/3 |archive-date=30 September 2013 |df=dmy-all}}</ref><ref>{{Cite web |last=Bowers |first=Simon |date=2005-11-30 |title=Fraud office launches inquiry into Langbar |url=https://www.theguardian.com/business/2005/nov/30/money |access-date=2018-08-24 |website=The Guardian |language=en}}</ref> 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. AIM changed the rules for Nomads in 2006.<ref>[http://business.timesonline.co.uk/tol/business/article681778.ece "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</ref><ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article681813.ece "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</ref><ref>{{Cite news |last=Essen |first=Yvette |date=3 October 2006 |title=LSE takes aim at nomads to quell concerns |work=The Daily Telegraph |location=UK |url=https://www.telegraph.co.uk/finance/2948359/LSE-takes-aim-at-nomads-to-quell-concerns.html |url-status=live |access-date=20 November 2011 |archive-url=https://web.archive.org/web/20140313063236/http://www.telegraph.co.uk/finance/2948359/LSE-takes-aim-at-nomads-to-quell-concerns.html |archive-date=13 March 2014 |df=dmy-all}}</ref> On 19 October 2007 they fined Nabarro Wells £250,000 ($512,500)<ref>{{Cite web |date=19 October 2007 |title=Historic Currency Conversion |url=http://www.discount-currency-exchange.com/historical-rates/history_currency_search.cfm |url-status=live |archive-url=https://web.archive.org/web/20080511211921/http://www.discount-currency-exchange.com/historical-rates/history_currency_search.cfm |archive-date=11 May 2008 |access-date=20 November 2011 |publisher=Discount-currency-exchange.com |df=dmy-all}}</ref> and publicly censured them for breaches of the AIM rules.<ref>{{Cite web |date=19 October 2007 |title="Nomad strayed from market rules" Financial Times 19 October 2007 |url=http://www.ft.com/cms/s/0/a709e5b6-7e6a-11dc-8fac-0000779fd2ac.html |url-status=live |archive-url=https://web.archive.org/web/20120629165722/http://www.ft.com/cms/s/0/a709e5b6-7e6a-11dc-8fac-0000779fd2ac.html |archive-date=29 June 2012 |access-date=20 November 2011 |website=Financial Times |df=dmy-all}}</ref><ref>[http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2696969.ece 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</ref>

==Trends==
In March 2007  ''[[The Daily Telegraph]]'' noticed a tendency to use listing vehicles incorporated in [[offshore financial centre]]s 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]].<ref>{{Cite news |last=Essen, Yvette |date=12 March 2007 |title=Aim market: Offshore attractions for the 'sophisticated' investor |work=The Daily Telegraph |location=UK |url=https://www.telegraph.co.uk/finance/markets/marketreport/2805643/Aim-market-Offshore-attractions-for-the-sophisticated-investor.html |url-status=live |access-date=20 November 2011 |archive-url=https://web.archive.org/web/20110805093809/http://www.telegraph.co.uk/finance/markets/marketreport/2805643/Aim-market-Offshore-attractions-for-the-sophisticated-investor.html |archive-date=5 August 2011 |df=dmy-all}}</ref>

On 29 January 2009 it was announced that AIM is to form the basis of an [[Economy of Asia|Asian-orientated]] growth or incubator market called 'Tokyo AIM', which will be run as a joint venture between the [[Tokyo Stock Exchange]] and [[London Stock Exchange Group|LSE]]. Tokyo AIM will replicate AIM's system of [[regulation|oversight]] by NOMADs, with 'J-Nomads' being "selected and approved by TOKYO AIM ... to assess companies' suitability for the market".<ref>{{Cite web |date=29 January 2009 |title=Tokyo Stock Exchange and London Stock Exchange publish rulebook for public comment; name new growth market "TOKYO AIM" |url=http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2009/tokyostockexchangeandlondonstockexchangepublishrulebookforpubliccommentnamenewgrowthmarkettokyoaim.htm |url-status=dead |archive-url=https://web.archive.org/web/20111029030306/http://www.londonstockexchange.com/about-the-exchange/media-relations/press-releases/2009/tokyostockexchangeandlondonstockexchangepublishrulebookforpubliccommentnamenewgrowthmarkettokyoaim.htm |archive-date=29 October 2011 |access-date=20 November 2011 |publisher=London Stock Exchange |df=dmy-all}}</ref> In July 2012, TOKYO AIM changed its name to [[Tokyo Pro Market|TOKYO PRO Market]], and since then Tokyo Stock Exchange, Inc. has continued to operate TOKYO AIM based on the original market concept.<ref>{{Cite web |date=July 2012 |title=Tokyo Stock Exchange changed its name from AIM to PRO Market |url=https://www.jpx.co.jp/english/equities/products/tpm/listing/01.html |publisher=Japan Stock Exchange Group}}</ref>

==Dividends==
As of 1 October 2018, just under a third of AIM-listed companies have paid shareholders a dividend within their most recent financial year.{{needs update|date=October 2024}} The largest companies to have paid dividends include: [[Fever-Tree|Fevertree Drinks PLC (FEVR)]], [[Burford Capital|Burford Capital Ltd (BUR)]], and [[Abcam|Abcam PLC (ABC)]]. The smallest companies to have paid dividends include: Holders Technology PLC (HDT), Aeorema Communications PLC (AEO), and Stilo International (STL).<ref>{{Cite web |date=2018-10-01 |title=Dividend Yield Opportunities On AIM (2018) |url=https://aim-watch.com/articles/aim-dividends/ |access-date=2018-12-16 |website=AIM-Watch}}</ref>

==See also==
*[[First North]] – a similar market serving the Nordic countries
*[[Growth Enterprise Market]]  – a similar market in Hong Kong

==References==
{{reflist|colwidth=30em}}
*{{Cite news |date=25 May 2005 |title=Aim for the ambitious |work=The Daily Telegraph |location=UK |url=https://www.telegraph.co.uk/money/main.jhtml?xml=/money/2005/05/25/cmaim25.xml}}{{dead link|date=January 2025|bot=medic}}{{cbignore|bot=medic}}

==External links==
*{{official website | https://www.londonstockexchange.com/raise-finance/equity/aim}}
*[http://www.ftse.com/ FTSE Group website]
*[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)]

{{Economy of the United Kingdom}}

{{Authority control}}

[[Category:Financial services companies established in 1995]]
[[Category:Finance in the United Kingdom]]
[[Category:Companies listed on the Alternative Investment Market| ]]
[[Category:London Stock Exchange]]
[[Category:Stock exchanges in the United Kingdom]]
[[Category:British companies established in 1995]]