THE Irish Stock Exchange is hoping to have its new Developing Companies Market trading by the end of the year, ISE chief executive, Mr Tom Healy, has said.
Broad agreement has been reached with the Department of Finance on the tax treatment of investments in companies on the new market - the successor to the Unlisted Securities Market and an Irish variant on the Alternative Investment Market in Britain.
The Stock Exchange hopes to have a formal proposal to put before its board for its meeting at the end of September.
The tax treatment of investments in the DCM will be the key to its success, and it is also understood that the Stock Exchange has lobbied for the current £75,000 ceiling on Special Portfolio Investment Accounts be increased.
In broad terms, the Stock Exchange has been SS for investments in companies on the DCM to be treated in a similar fashion to Business Expansion Scheme investments.
Companies aiming for a DCM quote will be expected to have a minimum one year trading record. A listing on DCM is expected to cost £80,000. The Stock Exchange has already had discussions with Forbairt, Shannon Development and Udaras na Gaeltachta aimed at identifying suitable candidates for the market.
