VCCs (Venture Capital Companies ) are firms that take minority stakes, but significant, in the capital of companies considered attractive because of their potential for growth, with a temporary stage and with the aim to enhance their management and thus its value, to subsequently divest such participation and get the return on your investment.
By trading in an organised market, (thanks to Law 25/2005, of 24 November, which regulates the activities of Venture Capital Companies and their management companies), these venture capital companies and funds obtain more liquidity and transparency, becoming a more popular asset class and are included more in institutional and individual investment portfolios.
The MaB Regulations provide for trading, settlement and registry of securities and financial instruments which, because of their differential characteristics, need to be handled within a specific scheme. This is the case for VCCs, both those which invest in other VCCs and those which invest directly in securities issued by the companies in which the VCCs invest. Even more so given that venture capital companies mainly invest in small capitalisation companies.
This trading segment began operating on 27 June 2007.
The MaB market for securities issued by VCCs is based on a system whereby prices are set at a point where supply and demand meet within a fixing period and a distinct trading segment. Another characteristic is the existence of the specialist intermediary, who undertakes a commitment to provide liquidity and counterparty according to the particular terms of the security. The specialist have to provide bid and ask positions for a minimum amount with a maximum spread between bid and ask prices with regard to each security's reference price.
Securities on the MaB are traded on the SIBE electronic trading platform, thus enhancing speed, transparency and liquidity for investors
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