What is Euronext Access?
Euronext Access is a Multilateral Trading Facility (MTF) operated by Euronext, designed for companies whose market capitalisation is generally below €100 million. It is not a regulated market in the sense of the MiFID II directive, but an organised market with less demanding rules.
It was launched in 2017 during the reorganisation of the Euronext markets, replacing the former Alternext (for the most accessible segment). The aim was to create a progressive ladder: Euronext Access → Euronext Growth → the main regulated market.
In 2022, Euronext introduced Euronext Access+, an intermediate tier with enhanced transparency commitments, for Euronext Access companies wishing to reassure investors without yet taking the step up to Euronext Growth.
Euronext Access / Growth / main market compared
Admission requirements on Euronext Access
The requirements are deliberately minimal to allow as many companies as possible to access the capital markets:
- No minimum capital required — a company can be listed with a market cap of just a few million euros
- No minimum free float — even 10% of shares distributed to the public is enough
- Simplified admission document — far less demanding than an approved prospectus
- No mandatory Listing Sponsor — unlike Euronext Growth, where a certified adviser is required at all times
- Minimal financial track record — 2 years in existence is enough (vs 2 full financial years for Euronext Growth)
Euronext Access+: This premium tier of Euronext Access voluntarily commits to publishing half-year results (vs annual on standard Access), to having a Listing Sponsor, and to disclosing more detailed financial information. It lets companies signal their seriousness to investors without the full constraints of Euronext Growth.
Risks specific to Euronext Access
Euronext Access and the PEA-PME
The vast majority of Euronext Access stocks are eligible for the PEA-PME, the tax-advantaged French equity savings plan dedicated to SMEs and mid-caps. After 5 years of holding, capital gains are exempt from income tax (only the 17.2% social levies remain due). Investors in other European countries should check the equivalent wrapper in their own jurisdiction.
PEA-PME eligibility conditions for the listed company:
- Fewer than 5,000 employees
- Annual revenue below €1.5 billion
- Balance-sheet total below €2 billion
Given the very small size of Euronext Access companies, these criteria are almost always met. Nonetheless, check eligibility stock by stock with your broker before any investment.
How do you invest on Euronext Access?
Investing on Euronext Access calls for specific precautions compared with Euronext Growth or the regulated markets:
- Use limit orders only — never market orders on stocks this illiquid
- Smaller position sizes — never exceed 1 to 2% of the average daily volume
- Long-term horizon — plan on not being able to exit quickly if you need cash
- High diversification — individual risk is higher; 15 to 20 stocks minimum
- Enhanced due diligence — read the admission documents and any available announcements