{"id":2795,"date":"2022-08-21T17:52:40","date_gmt":"2022-08-21T17:52:40","guid":{"rendered":"https:\/\/www.guiadoemitente.pt\/?p=2795"},"modified":"2022-09-16T07:52:57","modified_gmt":"2022-09-16T07:52:57","slug":"1-2-public-market-based-financing","status":"publish","type":"post","link":"https:\/\/issuers-guide.buzzvel.work\/en\/1-2-public-market-based-financing\/","title":{"rendered":"1.2. Public market-based financing"},"content":{"rendered":"<style>.wp-block-kadence-advancedheading.kt-adv-heading_a2c65c-7e, .wp-block-kadence-advancedheading.kt-adv-heading_a2c65c-7e[data-kb-block=\"kb-adv-heading_a2c65c-7e\"]{font-size:18px;font-weight:bold;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_a2c65c-7e mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_a2c65c-7e[data-kb-block=\"kb-adv-heading_a2c65c-7e\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_a2c65c-7e img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_a2c65c-7e[data-kb-block=\"kb-adv-heading_a2c65c-7e\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_a2c65c-7e wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_a2c65c-7e\">1.2.1. Why choose public market-based financing?<\/p>\n\n\n\n<p><\/p>\n\n\n<style>.kadence-column_40fa79-bc > .kt-inside-inner-col{padding-top:0px;padding-bottom:0px;padding-left:15px;padding-right:5px;}.kadence-column_40fa79-bc > .kt-inside-inner-col{min-height:36px;border-color:var(--global-palette1, #3182CE);border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:10px;}.kadence-column_40fa79-bc > .kt-inside-inner-col,.kadence-column_40fa79-bc > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_40fa79-bc > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_40fa79-bc > .kt-inside-inner-col{flex-direction:column;}.kadence-column_40fa79-bc > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_40fa79-bc > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column_40fa79-bc > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_40fa79-bc{position:relative;}.wp-block-kadence-column.kadence-column_40fa79-bc > .kt-inside-inner-col{margin-top:3px;margin-bottom:10px;}@media all and (max-width: 1024px){.kadence-column_40fa79-bc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_40fa79-bc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_40fa79-bc\"><div class=\"kt-inside-inner-col\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<p><\/p>\n\n\n\n<p><em><em><em>Market-based financing refers to a system with multiple entities allowing the transaction of equity and debt financial instruments, in which such <em>instruments supply<\/em> (companies seeking financing) meets demand (investors, including funds, insurers, etc.) in an organized <\/em>way.<\/em><\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Accessing market-based financing enables the Company to raise money from a wide investor pool. Additionally, accessing market-based financing has a positive impact on the conditions in which the Company can obtain further financing, including bank-based, as it provides a more solid standing with financial institutions, that may lead to low borrowing costs through less perceived risk. Furthermore, the diversification of investors (in debt) tends to decrease the cost of financing, due to the relative lower concentration in the counterparty&#8217;s risk. Presence in capital markets also grants the Company increased recognition, credibility and prestige as this decision is perceived as a Company\u00b4s commitment to more consistency, accuracy and safety, which in turn improve the Company\u2019s ability to increase market share, reach new markets and attract and retain better talent.<\/p>\n\n\n\n<p>Although the decision to access market-based financing should result from a diligent understanding about the steps of the process and best practices in dealing with investors, regulators, the media and public scrutiny, one of the first steps should be a deep reflection on the benefits that such process can unlock. <\/p>\n\n\n<style>#kt-layout-id_bbf99d-fb > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_bbf99d-fb > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_bbf99d-fb > .kt-row-column-wrap{column-gap:var(--global-kb-gap-lg, 4rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:847px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:16px;padding-bottom:50px;grid-template-columns:minmax(0, calc(35% - ((var(--global-kb-gap-lg, 4rem) * 1 )\/2)))minmax(0, calc(65% - ((var(--global-kb-gap-lg, 4rem) * 1 )\/2)));}#kt-layout-id_bbf99d-fb{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}#kt-layout-id_bbf99d-fb > .kt-row-layout-overlay{opacity:0.30;}#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep{height:100px;}#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep svg{width:100%;}#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep svg{fill:#ffffff!important;}@media all and (max-width: 1024px){#kt-layout-id_bbf99d-fb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr) minmax(0, 2fr);}}@media all and (max-width: 1024px){#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep{height:px;}}@media all and (max-width: 1024px){#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep svg{width:%;}}@media all and (max-width: 767px){#kt-layout-id_bbf99d-fb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep{height:px;}#kt-layout-id_bbf99d-fb .kt-row-layout-bottom-sep svg{width:%;}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_bbf99d-fb\" class=\"kt-row-layout-inner kt-layout-id_bbf99d-fb\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-gutter-wider kt-v-gutter-default kt-row-valign-top kt-row-layout-right-golden kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row  kt-custom-first-width-35  kt-custom-second-width-65\"><style>.kadence-column_dd8b64-2e > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_dd8b64-2e > .kt-inside-inner-col,.kadence-column_dd8b64-2e > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_dd8b64-2e > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_dd8b64-2e > .kt-inside-inner-col{flex-direction:column;}.kadence-column_dd8b64-2e > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_dd8b64-2e > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_dd8b64-2e{position:relative;}@media all and (max-width: 1024px){.kadence-column_dd8b64-2e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_dd8b64-2e > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_dd8b64-2e\"><div class=\"kt-inside-inner-col\"><style>.kt-svg-icons_4dd0b4-60 .kt-svg-item-0 .kb-svg-icon-wrap{color:#E5A017;font-size:41px;}.wp-block-kadence-icon.kt-svg-icons_4dd0b4-60{justify-content:center;}<\/style>\n<div class=\"wp-block-kadence-icon kt-svg-icons kt-svg-icons_4dd0b4-60 alignnone\" style=\"text-align:center\"><div class=\"kt-svg-style-default kt-svg-icon-wrap kt-svg-item-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center;color:#E5A017;margin-top:10px;margin-right:10px;margin-bottom:10px;margin-left:10px\" class=\"kt-svg-icon kt-svg-icon-ic_check\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 8 8\" height=\"41\" width=\"41\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\"><path d=\"M6.41 0l-.69.72-2.78 2.78-.81-.78-.72-.72-1.41 1.41.72.72 1.5 1.5.69.72.72-.72 3.5-3.5.72-.72-1.44-1.41z\" transform=\"translate(0 1)\"><\/path><\/svg><\/div><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_5805a4-99, .wp-block-kadence-advancedheading.kt-adv-heading_5805a4-99[data-kb-block=\"kb-adv-heading_5805a4-99\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_5805a4-99 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_5805a4-99[data-kb-block=\"kb-adv-heading_5805a4-99\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_5805a4-99 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_5805a4-99[data-kb-block=\"kb-adv-heading_5805a4-99\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<h3 class=\"kt-adv-heading_5805a4-99 wp-block-kadence-advancedheading has-azul-2-color has-text-color\" data-kb-block=\"kb-adv-heading_5805a4-99\">The potential benefits that are achievable by accessing market-based financing are:<\/h3>\n<\/div><\/div>\n\n\n<style>.kadence-column_0f1c42-08 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_0f1c42-08 > .kt-inside-inner-col,.kadence-column_0f1c42-08 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_0f1c42-08 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_0f1c42-08 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_0f1c42-08 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_0f1c42-08 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_0f1c42-08{position:relative;}@media all and (max-width: 1024px){.kadence-column_0f1c42-08 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_0f1c42-08 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_0f1c42-08\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-spacer.kt-block-spacer-_788fed-e8 .kt-block-spacer{height:40px;}.wp-block-kadence-spacer.kt-block-spacer-_788fed-e8 .kt-divider{border-top-width:1px;height:1px;border-top-color:#eeeeee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-_788fed-e8\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n<style>.kt-accordion-id_bd9b1d-3d .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id_bd9b1d-3d .kt-accordion-panel-inner{border-top-width:0px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;border-color:var(--global-palette9, #ffffff);padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:50px;}.kt-accordion-id_bd9b1d-3d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top-color:var(--global-palette8, #F7FAFC);border-right-color:var(--global-palette8, #F7FAFC);border-bottom-color:var(--global-palette8, #F7FAFC);border-left-color:var(--global-palette8, #F7FAFC);border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;border-top-left-radius:7px;border-top-right-radius:7px;border-bottom-right-radius:7px;border-bottom-left-radius:7px;background:var(--global-palette8, #F7FAFC);font-size:16px;line-height:24px;color:var(--global-palette3, #1A202C);padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette3, #1A202C);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger{background:var(--global-palette3, #1A202C);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette8, #F7FAFC);}.kt-accordion-id_bd9b1d-3d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id_bd9b1d-3d .kt-blocks-accordion-header:focus-visible{color:var(--global-palette9, #ffffff);background:var(--global-palette5, #4A5568);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:var(--global-palette9, #ffffff);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette5, #4A5568);}.kt-accordion-id_bd9b1d-3d .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id_bd9b1d-3d > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:var(--global-palette9, #ffffff);background:var(--global-palette5, #4A5568);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:var(--global-palette9, #ffffff);}.kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_bd9b1d-3d:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette5, #4A5568);}@media all and (max-width: 767px){.kt-accordion-id_bd9b1d-3d .kt-accordion-inner-wrap{display:block;}.kt-accordion-id_bd9b1d-3d .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}}<\/style>\n<div class=\"wp-block-kadence-accordion aligncenter\"><div class=\"kt-accordion-wrap kt-accordion-wrap kt-accordion-id_bd9b1d-3d kt-accordion-has-23-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-left\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-17 kt-pane_2a7ddc-eb\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>1. Access to a wide investor pool<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p class=\"has-theme-palette-5-color has-text-color\">Gain access to a broader community of investors, which allows to find those that have interests aligned with the Company\u2019s long-term strategy and goals. Market-based financing provides alternatives and greater flexibility for the Company\u2019s management, empowering management to pursue a long-term strategy that will maximize long-term value. <\/p>\n\n\n\n<p class=\"has-theme-palette-5-color has-text-color\">The investor pool normally includes private investors (for example investment funds or insurance companies) which often bring more management knowledge and attentive and professional relationship.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-18 kt-pane_3c7e5a-cc\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>2. Eased internationalization<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>The process of going public and entering capital markets facilitates companies&#8217; international expansion, by granting the Company increased recognition, credibility and prestige, while simultaneously being more visible by clients, suppliers and national and foreign investors.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-19 kt-pane_0816c0-20\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>3. Access and diversification of funding sources<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>Grants the Company access to funding, not only at initial offer, but also afterwards through easier secondary offers because it benefits from the experience gained from the initial offer and the knowledge obtained from third parties. <\/p>\n\n\n\n<p>The easier access to funding from capital markets after going public generally enables the Company to raise money in a less costly and more efficient way. It also provides access to more flexible financing instruments, giving the Company more freedom to tailor the funding strategy to its specific needs of the business at any given time.<\/p>\n\n\n\n<p>Provides alternative forms of finance to firms, through several capital market sources, improving the efficiency of the funding process, by avoiding the dependence from a single financing source (e.g. the banking system) and increasing resilience by mitigating financial risk. Markets are less exposed to systemic risk and are not directly connected to the payment infrastructure, which means that in some cases, during an economic crisis, it is advantageous and relatively easier to obtain funds in capital markets than by borrowing from financial institutions.<\/p>\n\n\n\n<p>Additionally, Bank-based financing most often implies greater management constraints than market-based financing. Bank debt often imposes restrictive covenants that reduce operating flexibility (covenants are legally binding obligations made by the borrower to always comply with a certain rule or when taking a specific action) due to the specific prudential needs of that banking entity).<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-20 kt-pane_f9cc93-13\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>4. Improved liquidity<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>Securities when traded, more or less frequently, give at each of those moments an indication of their value which is reflected in the transaction price. This price is also the result of the interaction between supply and demand at each moment. When these prices are known &#8211; this is the usual situation in transactions carried out on trading venues &#8211; there is greater transparency towards third parties of the value attributed by buyers and sellers to the securities. <\/p>\n\n\n\n<p>This transparency is likely to induce greater liquidity by predisposing more buyers and sellers &#8211; depending on the investment or divestment strategy they pursue &#8211; to want to acquire or dispose of the securities at the price that is known. This increases the likelihood that any investor will more quickly find an available counterparty to buy or sell the securities. This circumstance, which is inherent in the capital markets, also has the benefit for entrepreneurs of allowing them to reduce the risk of their assets when it is significantly concentrated.<\/p>\n\n\n\n<p>Their high liquidity and ease of transaction being makes listed securities more suitable for use as collateral in other financial transactions (e.g. bank-based financing).<\/p>\n\n\n\n<p>In addition, this potential greater liquidity also allows the creation of employee incentive schemes. When these schemes are share-based, including stock option plans and other bonus\/rewards, their liquidity and ease of transaction helps to attract and retain talent within the organisation while encouraging employee commitment and motivation in the long term, without incurring immediate additional expense. As an example, many successful companies include stock option plans in their remuneration policy, giving their employees the possibility to buy the company&#8217;s shares (at a discount) in order to promote their commitment to medium and long-term business performance.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-21 kt-pane_3700cc-2d\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>5. Greater efficiency and transparency<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>Transparency, reporting and corporate governance requirements for the public capital markets encourage greater and a continuous professionalization across companies, including better internal processes of management control and reporting. <\/p>\n\n\n\n<p>The open communication with investors, analysts and the media and provides an opportunity to receive valuable feedback that may support the management team on how to best manage the Company and what direction to follow.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-22 kt-pane_59b1f8-dd\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>6. Market value<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>The value of companies that have been financed in the capital markets tends to be easier to determine, which translates into an advantage for most of their counterparties (e.g. clients, suppliers, investors). This circumstance can also be associated to the fact that the opportunity cost of analysing and investing in a company that has not gone through capital markets financing (because it only relied on bank financing) is relatively higher. And in these comparable situations, the market value of the company that is financed in capital markets would be higher.<\/p>\n\n\n\n<p>This expectation is further assisted by the possible higher liquidity and availability of information, which together, contribute to a lower perceived risk. As a rule, investors usually require an additional return for investment in companies not subject to disclosure obligations, in order to compensate for the higher risk inherent to what is unknown.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-23 kt-pane_6d4891-c0\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong>7. Higher visibility and improved image<\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>Economic agents know that the process of issuing financial instruments demands that the Company has a high level of organization and internal controls. <\/p>\n\n\n\n<p>This common knowledge enhances the Company\u2019s visibility and prestige, nationally and abroad, increasing its credibility with clients, suppliers, business partners, employees, and financial institutions, and is heightened by that fact that by going public the Company receives greater media coverage.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<p><\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_457e3f-16, .wp-block-kadence-advancedheading.kt-adv-heading_457e3f-16[data-kb-block=\"kb-adv-heading_457e3f-16\"]{font-size:18px;font-weight:bold;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_457e3f-16 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_457e3f-16[data-kb-block=\"kb-adv-heading_457e3f-16\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_457e3f-16 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_457e3f-16[data-kb-block=\"kb-adv-heading_457e3f-16\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_457e3f-16 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_457e3f-16\">1.2.2. Who are the market agents and key advisors for entering public capital markets?<\/p>\n\n\n\n<p>Accessing market-based finance may require liaising with several parties and performing several steps. This procedure may be relatively simple or considerably more complex, depending on the size of the Company, its development stage in terms of organization and governance structures as well as the complexity of the envisaged offering for the funding of the market-based finance.<\/p>\n\n\n\n<p>If you decide to obtain financing from a Private Equity firm, you may only need to involve Advisors (such as lawyers and financial advisors) to assist you through the process. Nonetheless, if you intend to enter in the public market-based-finance (through an IPO or a Bond Offering) you will also need to liaise with the Market Regulator and the Stock Exchange.<\/p>\n\n\n\n<p>It is common to observe that companies progressively evolve through various stages of financing and complexity of carrying out operations, naturally depending on the financing needs of their projects and on their business ambition.<\/p>\n\n\n\n<p><strong>Bellow we describe a scenario of a public offering involving a large number of entities.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"721\" src=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-1.2-graphic-EN-1024x721.png\" alt=\"\" class=\"wp-image-5471\" srcset=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-1.2-graphic-EN-1024x721.png 1024w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-1.2-graphic-EN-300x211.png 300w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-1.2-graphic-EN-768x541.png 768w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-1.2-graphic-EN-1536x1082.png 1536w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/Chap-1.2-graphic-EN-2048x1442.png 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n<style>#kt-layout-id_93f98b-09 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_93f98b-09 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_93f98b-09 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:800px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_93f98b-09 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_93f98b-09 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_93f98b-09 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_93f98b-09\" class=\"kt-row-layout-inner kt-layout-id_93f98b-09\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_3adeac-cc > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_3adeac-cc > .kt-inside-inner-col,.kadence-column_3adeac-cc > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_3adeac-cc > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_3adeac-cc > .kt-inside-inner-col{flex-direction:column;}.kadence-column_3adeac-cc > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_3adeac-cc > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_3adeac-cc{position:relative;}@media all and (max-width: 1024px){.kadence-column_3adeac-cc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_3adeac-cc > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_3adeac-cc\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id_64df58-be .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id_64df58-be .kt-accordion-panel-inner{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:#ffffff;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id_64df58-be > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);border-top-width:2px;border-right-width:2px;border-bottom-width:2px;border-left-width:2px;border-top-left-radius:6px;border-top-right-radius:6px;border-bottom-right-radius:6px;border-bottom-left-radius:6px;background:var(--global-palette9, #ffffff);font-size:18px;line-height:24px;font-weight:bold;color:var(--global-palette3, #1A202C);padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette3, #1A202C);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger{background:var(--global-palette3, #1A202C);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_64df58-be > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id_64df58-be .kt-blocks-accordion-header:focus-visible{color:var(--global-palette1, #3182CE);background:var(--global-palette9, #ffffff);border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette1, #3182CE);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:var(--global-palette1, #3182CE);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_64df58-be .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id_64df58-be > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:var(--global-palette1, #3182CE);background:var(--global-palette9, #ffffff);border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette1, #3182CE);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:var(--global-palette1, #3182CE);}.kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_64df58-be:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}@media all and (max-width: 767px){.kt-accordion-id_64df58-be .kt-accordion-inner-wrap{display:block;}.kt-accordion-id_64df58-be .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-wrap kt-accordion-id_64df58-be kt-accordion-has-10-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-basic kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-6 kt-pane_d642bc-e7\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">1. Financial Advisor<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>During an offer and the admission to trading, Financial Advisors (including, but not limited to, investment banks) play several different roles at different stages of the process. They may act as an advisor to the Company, acting as a trusted partner in the implementation process and managing the entire transaction, assisting the Company on the evaluation of the opportunity and the transaction&#8217;s costs and definition of the offer\u2019s strategy, carrying out the Company&#8217;s valuation, performing the communication around the operations and roadshows for investors, determining the securities price. The Financial Advisor may also assume the underwriter role, acting as an intermediary between the Issuer and investors.<\/p>\n\n\n\n<p>These various roles may be carried out by either a single financial advisor, which may act as a<strong> listing agent or sponsor*<\/strong>, or by several financial advisors. Traditionally the Financial Advisor will execute the following roles:<\/p>\n\n\n\n<p><strong>Leads the process and provides Corporate Finance advisory<\/strong><\/p>\n\n\n\n<p>The Financial Advisor manages the entire issuance process, providing advice on the best structure and timing for the operation, developing the Equity Story and coordinating inputs from other advisors throughout the process. To do so, the Financial Advisor will have access to private management information of the Company and make an evaluation of the Company\u2019s profile to provide advice on the corporate finance aspects of the operation, including, after the operation, accessing potential capital raises and M&amp;A opportunities.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Provides advisory in marketability and prepares the roadshow<\/strong><\/p>\n\n\n\n<p>The Financial Advisor builds relationships with Institutional Investors and gain deep knowledge about their investment profile. The Financial Advisor will also assume responsibility for preparing the roadshow, sending the Prospectus or Information Document to the Institutional Investing Community, and invite Institutional Investors to submit their bids.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Centralizes the book building process and the placement of the securities<\/strong><\/p>\n\n\n\n<p>The Financial Advisor centralizes the book building, if applicable, and takes responsibility for the underwriting and\/or the placement of the Issuer\u2019s securities. If there is a placement or underwriting agreement, between the relevant bank (or banks, in case of a syndicate) and the Issuer, the Financial Advisor will often act as underwriter and subscribe, the totality or part, of the securities. For further information please refer to section <a href=\"https:\/\/issuers-guide.buzzvel.work\/4-1-1-2-preparation\/#negotiation-agreements\" data-type=\"URL\" data-id=\"https:\/\/issuers-guide.buzzvel.work\/4-1-1-2-preparation\/#negotiation-agreements\">\u201cNegotiation agreements and appointment of financial intermediaries\u201d IN SECTION 4.1.1.2.1.4<\/a>.<\/p>\n\n\n\n<p style=\"font-size:12px\">*Listing Sponsor and Listing Agent: Some market operators, such as Euronext, require the applicant Company to appoint an intermediary for the purpose of their application for the first admission of shares. This intermediary is usually called a &#8220;Listing Agent&#8221; (in the case of admission to Euronext regulated markets) and &#8220;Listing Sponsor&#8221; (in the case of admission to Euronext Growth and Euronext Access). A financial advisor intervening in an offer can assume the role of Listing Agent, without having to engage an additional advisor in the operation.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-7 kt-pane_3cec73-c6\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">2. Legal Advisor<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>The Legal Advisor of the Company will ensure the Issuer complies with all applicable laws and regulations during and after the listing process, by advising on regulatory obligations at all stages of the process.<\/p>\n\n\n\n<p>The Legal Advisor will also be responsible for performing the legal due diligence on the Company, focusing on the impact that the listing will have on important contracts from a legal standpoint, on the analysis of the Company&#8217;s structure, and on the identification of specific legal risks that investors should be informed of.<\/p>\n\n\n\n<p>The Legal Advisor will also draft, review and update information for the Company\u2019s Prospectus or Information Document and listing application, and will assist the Company in any necessary internal restructuring, amendments of the articles of association, structuring of the transaction, preparation of press releases and negotiation of documents and agreements necessary for the successful issuance and admission to trading.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-10 kt-pane_ae0260-81\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">3. Auditor<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>The Auditor is often the Issuer\u2019s auditor (it may however be an auditing firm hired specifically for this process), and will audit, review and report on its financial statements, perform financial due diligence, and assist the Company on becoming listed. The Auditor will summarise and review the Company\u2019s financial information for inclusion in the Prospectus, or Information Document, and issue a comfort letter to support financial advisors in their due diligence activities.<\/p>\n\n\n\n<p>The selection of an audit firm with a high reputation is especially relevant by the confidence it conveys to investors that the financial information has been properly prepared, allowing them to save time and resources in their investment decisions.<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>#kt-layout-id_4d6604-bb > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_4d6604-bb > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_4d6604-bb > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:800px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:0px;padding-bottom:0px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_4d6604-bb > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_4d6604-bb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_4d6604-bb > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_4d6604-bb\" class=\"kt-row-layout-inner kt-layout-id_4d6604-bb\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_db54a6-6a > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_db54a6-6a > .kt-inside-inner-col,.kadence-column_db54a6-6a > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_db54a6-6a > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_db54a6-6a > .kt-inside-inner-col{flex-direction:column;}.kadence-column_db54a6-6a > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_db54a6-6a > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_db54a6-6a{position:relative;}@media all and (max-width: 1024px){.kadence-column_db54a6-6a > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_db54a6-6a > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_db54a6-6a\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id_c9f7e7-65 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id_c9f7e7-65 .kt-accordion-panel-inner{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:#ffffff;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id_c9f7e7-65 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);border-top-width:2px;border-right-width:2px;border-bottom-width:2px;border-left-width:2px;border-top-left-radius:6px;border-top-right-radius:6px;border-bottom-right-radius:6px;border-bottom-left-radius:6px;background:var(--global-palette9, #ffffff);font-size:18px;line-height:24px;font-weight:bold;color:var(--global-palette3, #1A202C);padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette3, #1A202C);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger{background:var(--global-palette3, #1A202C);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_c9f7e7-65 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id_c9f7e7-65 .kt-blocks-accordion-header:focus-visible{color:var(--global-palette1, #3182CE);background:var(--global-palette9, #ffffff);border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette1, #3182CE);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:var(--global-palette1, #3182CE);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_c9f7e7-65 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id_c9f7e7-65 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:var(--global-palette1, #3182CE);background:var(--global-palette9, #ffffff);border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette1, #3182CE);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:var(--global-palette1, #3182CE);}.kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_c9f7e7-65:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}@media all and (max-width: 767px){.kt-accordion-id_c9f7e7-65 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id_c9f7e7-65 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-wrap kt-accordion-id_c9f7e7-65 kt-accordion-has-9-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-basic kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-6 kt-pane_1401b7-05\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">4. Regulator<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>Whenever a public offer and\/or a listing prospectus is required, it should be subject to the prior approval of the Regulator, which entails with the Issuer a collaborative process and is committed to accommodate the Issuer\u2019s timetable. Subsequent to the admission to trading the Regulator also supervises the Issuer, in particular with regard to the disclosure of periodical financial information and information on significant corporate events.<\/p>\n\n\n\n<p>Comiss\u00e3o do Mercado de Valores Mobili\u00e1rios (\u201cCMVM\u201d), is the Portuguese Financial Markets Regulator.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-7 kt-pane_5bde19-3e\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">5. Stock exchange<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>The stock exchange is a market where securities buyers regularly connect with securities sellers. Euronext Lisbon is the main market operator where Portuguese Companies\u2019 securities are negotiated which is comprised of&nbsp;three main markets:<\/p>\n\n\n<style>.kt-tabs-id_4de884-eb > .kt-tabs-content-wrap > .wp-block-kadence-tab{border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;border-color:#bcbcbc;border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;padding-top:14px;padding-right:14px;padding-bottom:14px;padding-left:14px;background:#ffffff;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list li{margin-top:0px;margin-right:8px;margin-bottom:-1px;margin-left:0px;margin-right:0px;margin-left:0px;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list li:last-child{margin-right:0px;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list{margin-right:-10px;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list li .kt-tab-title{margin-right:10px;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list li .kt-tab-title, .wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title{line-height:1.4em;font-weight:regular;font-style:normal;border-top-width:1px;border-right-width:1px;border-bottom-width:0px;border-left-width:1px;border-top-left-radius:4px;border-top-right-radius:4px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;padding-top:8px;padding-right:20px;padding-bottom:8px;padding-left:20px;border-color:#eeeeee;color:#444444;background:#ffffff;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title{margin-top:0px;margin-right:8px;margin-bottom:-1px;margin-left:0px;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list li .kt-tab-title:hover, .wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title:hover{border-color:#e2e2e2;color:#444444;background:#ffffff;}.wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-title-list li.kt-tab-title-active .kt-tab-title, .wp-block-kadence-tabs .kt-tabs-id_4de884-eb > .kt-tabs-content-wrap > .kt-tabs-accordion-title.kt-tab-title-active .kt-tab-title{border-color:#bcbcbc;color:#444444;background:#ffffff;}<\/style>\n<div class=\"wp-block-kadence-tabs alignnone\"><div class=\"kt-tabs-wrap kt-tabs-id_4de884-eb kt-tabs-has-3-tabs kt-active-tab-1 kt-tabs-layout-tabs kt-tabs-tablet-layout-inherit kt-tabs-mobile-layout-inherit kt-tab-alignment-left \" style=\"max-width:none\"><ul class=\"kt-tabs-title-list kb-tabs-list-columns kb-tab-title-columns-3\"><li id=\"tab-strongeuronextstrongbrregulatedmarketbr\" class=\"kt-title-item kt-title-item-1 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-active\"><a href=\"#tab-strongeuronextstrongbrregulatedmarketbr\" data-tab=\"1\" class=\"kt-tab-title kt-tab-title-1 \"><span class=\"kt-title-text\"><strong>Euronext<\/strong> <br>(Regulated market)<br><\/span><\/a><\/li><li id=\"tab-strongeuronextgrowthstrongbrmultilateraltradingfacility\" class=\"kt-title-item kt-title-item-2 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-strongeuronextgrowthstrongbrmultilateraltradingfacility\" data-tab=\"2\" class=\"kt-tab-title kt-tab-title-2 \"><span class=\"kt-title-text\"><strong>Euronext Growth<\/strong><br>(Multilateral Trading Facility)<\/span><\/a><\/li><li id=\"tab-strongeuronextaccessstrongbrmultilateraltradingfacility\" class=\"kt-title-item kt-title-item-3 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-strongeuronextaccessstrongbrmultilateraltradingfacility\" data-tab=\"3\" class=\"kt-tab-title kt-tab-title-3 \"><span class=\"kt-title-text\"><strong>Euronext Access<\/strong><br>(Multilateral Trading Facility)<\/span><\/a><\/li><\/ul><div class=\"kt-tabs-content-wrap\">\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-1 kt-inner-tab_53b9cf-ea\"><div class=\"kt-tab-inner-content-inner\">\n<p>Euronext is an EU regulated market for the transactions of major companies that have a great amount resources at their disposal. It has three segments according to companies\u2019 market capitalisation:<\/p>\n\n\n<style>.wp-block-kadence-iconlist.kt-svg-icon-list-items_ce71bf-e4:not(.this-stops-third-party-issues){margin-top:0px;margin-bottom:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_ce71bf-e4 ul.kt-svg-icon-list:not(.this-prevents-issues):not(.this-stops-third-party-issues):not(.tijsloc){margin-top:0px;margin-right:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);margin-left:0px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_ce71bf-e4 ul.kt-svg-icon-list{grid-row-gap:5px;}.wp-block-kadence-iconlist.kt-svg-icon-list-items_ce71bf-e4 ul.kt-svg-icon-list .kt-svg-icon-list-item-wrap .kt-svg-icon-list-single{margin-right:10px;}.kt-svg-icon-list-items_ce71bf-e4 ul.kt-svg-icon-list .kt-svg-icon-list-level-0 .kt-svg-icon-list-single svg{font-size:6px;}.kt-svg-icon-list-items_ce71bf-e4 ul.kt-svg-icon-list .kt-svg-icon-list-level-1 .kt-svg-icon-list-single svg{font-size:6px;}.kt-svg-icon-list-items_ce71bf-e4 ul.kt-svg-icon-list .kt-svg-icon-list-level-2 .kt-svg-icon-list-single svg{font-size:6px;}<\/style>\n<div class=\"wp-block-kadence-iconlist kt-svg-icon-list-items kt-svg-icon-list-items_ce71bf-e4 kt-svg-icon-list-columns-1 alignnone\"><ul class=\"kt-svg-icon-list\"><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-0 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fas_circle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 512 512\" height=\"6\" width=\"6\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Compartment A over \u20ac1b<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-1 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fas_circle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 512 512\" height=\"6\" width=\"6\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Compartment B \u20ac150m to \u20ac1b<\/span><\/li><li class=\"kt-svg-icon-list-style-default kt-svg-icon-list-item-wrap kt-svg-icon-list-item-2 kt-svg-icon-list-level-0\"><div style=\"display:inline-flex;justify-content:center;align-items:center\" class=\"kt-svg-icon-list-single kt-svg-icon-list-single-fas_circle\"><svg style=\"display:inline-block;vertical-align:middle\" viewBox=\"0 0 512 512\" height=\"6\" width=\"6\" fill=\"currentColor\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\"><path d=\"M256 8C119 8 8 119 8 256s111 248 248 248 248-111 248-248S393 8 256 8z\"><\/path><\/svg><\/div><span class=\"kt-svg-icon-list-text\">Compartment C less than \u20ac150m<\/span><\/li><\/ul><\/div>\n\n\n\n<p>Admission on Euronext is recommended for larger, established companies with substantial financing depth.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-2 kt-inner-tab_477dfd-c4\"><div class=\"kt-tab-inner-content-inner\">\n<p>Euronext Growth\/SME growth market is suited to small- and mid- sized companies (SMEs) that want to raise funds to finance growth. Listing requirements are simplified and reporting requirements are lighter and thus offers an alternative route for the funding of companies that find themselves at the growing stages of business development.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-3 kt-inner-tab_d6b6ee-a0\"><div class=\"kt-tab-inner-content-inner\">\n<p>Euronext Access is designed especially for start-ups and SMEs that wish to finance their growth and gain the reputational advantages of having their own securities admitted to trading, but do not meet the criteria for admission on the other Euronext markets &nbsp;Euronext Access is regularly seen as the first step in the process of gaining access to the markets Once companies are big enough, they are encouraged to consider transferring to Euronext Access+ or Euronext Growth, and later to the Euronext regulated market.<\/p>\n\n\n\n<p><strong>Euronext Access+<\/strong><\/p>\n\n\n\n<p>Euronext Access+ is a special compartment of Euronext Access that is tailored to the needs of start-ups and fast-growing SMEs. Euronext Access+ acts as a springboard to other Euronext markets, helping companies transition smoothly and adapt to the more rigorous market practices. Euronext Access+ has its own negotiation criteria, and companies admitted to trading on this market enjoy special assistance and greater visibility when compared to Euronext Access.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-9 kt-pane_eb5aa1-a9\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">6. Central Securities Depository (CSD)<\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>The Central Securities Depository (CSD) is in charge of the management of centralised securities systems.&nbsp; Prior to the listing, the Issuer must register the securities with CSD. Euronext Securities Porto is the Portuguese entity operating as the Central Securities Depository (CSD).<\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>#kt-layout-id_592f43-c3 > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_592f43-c3 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_592f43-c3 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:800px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:0px;padding-bottom:80px;grid-template-columns:minmax(0, 1fr);}#kt-layout-id_592f43-c3 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){#kt-layout-id_592f43-c3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){#kt-layout-id_592f43-c3 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignnone\"><div id=\"kt-layout-id_592f43-c3\" class=\"kt-row-layout-inner kt-layout-id_592f43-c3\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-gutter-default kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_ec786c-ff > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_ec786c-ff > .kt-inside-inner-col,.kadence-column_ec786c-ff > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_ec786c-ff > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_ec786c-ff > .kt-inside-inner-col{flex-direction:column;}.kadence-column_ec786c-ff > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_ec786c-ff > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_ec786c-ff{position:relative;}@media all and (max-width: 1024px){.kadence-column_ec786c-ff > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_ec786c-ff > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_ec786c-ff\"><div class=\"kt-inside-inner-col\"><style>.kt-accordion-id_1f41ca-94 .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:10px;}.kt-accordion-id_1f41ca-94 .kt-accordion-panel-inner{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:#ffffff;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id_1f41ca-94 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);border-top-width:2px;border-right-width:2px;border-bottom-width:2px;border-left-width:2px;border-top-left-radius:6px;border-top-right-radius:6px;border-bottom-right-radius:6px;border-bottom-left-radius:6px;background:var(--global-palette9, #ffffff);font-size:18px;line-height:24px;font-weight:bold;color:var(--global-palette3, #1A202C);padding-top:14px;padding-right:16px;padding-bottom:14px;padding-left:16px;}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette3, #1A202C);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger{background:var(--global-palette3, #1A202C);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_1f41ca-94 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id_1f41ca-94 .kt-blocks-accordion-header:focus-visible{color:var(--global-palette1, #3182CE);background:var(--global-palette9, #ffffff);border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette1, #3182CE);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:var(--global-palette1, #3182CE);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id_1f41ca-94 .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id_1f41ca-94 > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:var(--global-palette1, #3182CE);background:var(--global-palette9, #ffffff);border-top-color:var(--global-palette7, #EDF2F7);border-right-color:var(--global-palette7, #EDF2F7);border-bottom-color:var(--global-palette7, #EDF2F7);border-left-color:var(--global-palette7, #EDF2F7);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette1, #3182CE);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:var(--global-palette1, #3182CE);}.kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id_1f41ca-94:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}@media all and (max-width: 767px){.kt-accordion-id_1f41ca-94 .kt-accordion-inner-wrap{display:block;}.kt-accordion-id_1f41ca-94 .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:10px;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-wrap kt-accordion-id_1f41ca-94 kt-accordion-has-8-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-basic kt-accodion-icon-side-right\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-7 kt-pane_b34bee-63\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\">7.  Investors <\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\">\n<p>May have various profiles and their roles may vary:<\/p>\n\n\n<style>.kt-tabs-id_ba296e-60 > .kt-tabs-content-wrap > .wp-block-kadence-tab{border-top-width:1px;border-right-width:1px;border-bottom-width:1px;border-left-width:1px;border-color:#bcbcbc;border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;padding-top:14px;padding-right:14px;padding-bottom:14px;padding-left:14px;background:#ffffff;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list li{margin-top:0px;margin-right:8px;margin-bottom:-1px;margin-left:0px;margin-right:0px;margin-left:0px;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list li:last-child{margin-right:0px;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list{margin-right:-10px;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list li .kt-tab-title{margin-right:10px;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list li .kt-tab-title, .wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title{line-height:1.4em;font-weight:regular;font-style:normal;border-top-width:1px;border-right-width:1px;border-bottom-width:0px;border-left-width:1px;border-top-left-radius:4px;border-top-right-radius:4px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;padding-top:8px;padding-right:20px;padding-bottom:8px;padding-left:20px;border-color:#eeeeee;color:#444444;background:#ffffff;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title{margin-top:0px;margin-right:8px;margin-bottom:-1px;margin-left:0px;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list li .kt-tab-title:hover, .wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-content-wrap > .kt-tabs-accordion-title .kt-tab-title:hover{border-color:#e2e2e2;color:#444444;background:#ffffff;}.wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-title-list li.kt-tab-title-active .kt-tab-title, .wp-block-kadence-tabs .kt-tabs-id_ba296e-60 > .kt-tabs-content-wrap > .kt-tabs-accordion-title.kt-tab-title-active .kt-tab-title{border-color:#bcbcbc;color:#444444;background:#ffffff;}<\/style>\n<div class=\"wp-block-kadence-tabs alignnone\"><div class=\"kt-tabs-wrap kt-tabs-id_ba296e-60 kt-tabs-has-2-tabs kt-active-tab-2 kt-tabs-layout-tabs kt-tabs-tablet-layout-inherit kt-tabs-mobile-layout-inherit kt-tab-alignment-left \" style=\"max-width:none\"><ul class=\"kt-tabs-title-list kb-tabs-list-columns kb-tab-title-columns-2\"><li id=\"tab-institutionalinvestors\" class=\"kt-title-item kt-title-item-1 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-inactive\"><a href=\"#tab-institutionalinvestors\" data-tab=\"1\" class=\"kt-tab-title kt-tab-title-1 \"><span class=\"kt-title-text\">Institutional investors<\/span><\/a><\/li><li id=\"tab-retailinvestors\" class=\"kt-title-item kt-title-item-2 kt-tabs-svg-show-always kt-tabs-icon-side-right kt-tab-title-active\"><a href=\"#tab-retailinvestors\" data-tab=\"2\" class=\"kt-tab-title kt-tab-title-2 \"><span class=\"kt-title-text\">Retail investors<\/span><\/a><\/li><\/ul><div class=\"kt-tabs-content-wrap\">\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-1 kt-inner-tab_6019ac-6f\"><div class=\"kt-tab-inner-content-inner\">\n<p>Entities that invest money on their own behalf or in behalf of other agents. These include asset managers, insurers, mutual and pension funds and sovereign wealth funds. Institutional investors and generally the main contributors to financing rounds and are perceived as more sophisticated than the average retail investor and thus, are suitable to accept a lower degree of information protection by the regulations. As Institutional Investors trade in large volumes, they are usually targeted as a key investor typology in an IPO.<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-tab kt-tab-inner-content kt-inner-tab-2 kt-inner-tab_b06056-eb\"><div class=\"kt-tab-inner-content-inner\">\n<p>Natural persons or entities who directly invest their own savings or financial surpluses in the purchase of securities for their own personal gain. They often trade in smaller amounts as compared to institutional investors or professionals.<\/p>\n\n\n\n<p>Retail investors regularly execute their trades through banks or brokerage firms. When they trade on a recurrent basis and in aggregated terms retail investors are an important promoting source for market liquidity.<\/p>\n<\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_156e8d-e2, .wp-block-kadence-advancedheading.kt-adv-heading_156e8d-e2[data-kb-block=\"kb-adv-heading_156e8d-e2\"]{font-size:18px;font-weight:bold;font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading_156e8d-e2 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_156e8d-e2[data-kb-block=\"kb-adv-heading_156e8d-e2\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_156e8d-e2 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_156e8d-e2[data-kb-block=\"kb-adv-heading_156e8d-e2\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_156e8d-e2 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_156e8d-e2\">1.2.3. Secondary Markets<\/p>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_2a80a8-08, .wp-block-kadence-advancedheading.kt-adv-heading_2a80a8-08[data-kb-block=\"kb-adv-heading_2a80a8-08\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_2a80a8-08 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_2a80a8-08[data-kb-block=\"kb-adv-heading_2a80a8-08\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_2a80a8-08 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_2a80a8-08[data-kb-block=\"kb-adv-heading_2a80a8-08\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_2a80a8-08 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_2a80a8-08\">1.2.3.1. What are secondary markets?<\/p>\n\n\n\n<p><em>The initial issuance of securities is known as the primary market. Afterwards, the securities can be bought and sold on <strong>secondary markets, either on stock Exchanges\/Trading Venues or outside these<\/strong>.<\/em><\/p>\n\n\n<style>#kt-layout-id_27f7c2-ba > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_27f7c2-ba > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_27f7c2-ba > .kt-row-column-wrap{column-gap:20px;row-gap:var(--global-kb-gap-md, 2rem);max-width:2000px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:42px;padding-bottom:104px;grid-template-columns:repeat(2, minmax(0, 1fr));}#kt-layout-id_27f7c2-ba{background-color:rgba(249,249,249,0);}#kt-layout-id_27f7c2-ba > .kt-row-layout-overlay{opacity:0.30;}#kt-layout-id_27f7c2-ba > .kt-row-column-wrap{z-index:748;position:relative;}#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep{height:102px;}#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep svg{width:100%;}#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep svg{fill:#ffffff!important;}@media all and (max-width: 1024px){#kt-layout-id_27f7c2-ba > .kt-row-column-wrap{grid-template-columns:repeat(2, minmax(0, 1fr));}}@media all and (max-width: 1024px){#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep{height:px;}}@media all and (max-width: 1024px){#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep svg{width:%;}}@media all and (max-width: 767px){#kt-layout-id_27f7c2-ba > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep{height:px;}#kt-layout-id_27f7c2-ba .kt-row-layout-bottom-sep svg{width:%;}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignfull\"><div id=\"kt-layout-id_27f7c2-ba\" class=\"kt-row-layout-inner kt-row-has-bg kt-layout-id_27f7c2-ba\"><div class=\"kt-row-column-wrap kt-has-2-columns kt-gutter-narrow kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row\"><style>.kadence-column_12ecce-67 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_12ecce-67 > .kt-inside-inner-col,.kadence-column_12ecce-67 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_12ecce-67 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_12ecce-67 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_12ecce-67 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_12ecce-67 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_12ecce-67{position:relative;}@media all and (max-width: 1024px){.kadence-column_12ecce-67 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_12ecce-67 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_12ecce-67\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > #kt-info-box_50474b-df .kt-blocks-info-box-link-wrap{max-width:unset;}#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap{border-color:#E5A017;border-top-width:5px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:rgba(229, 160, 23, 0.05);padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap:hover{border-color:#E5A017;background:rgba(229, 160, 23, 0.05);}#kt-info-box_50474b-df .kadence-info-box-icon-container .kt-info-svg-icon, #kt-info-box_50474b-df .kt-info-svg-icon-flip, #kt-info-box_50474b-df .kt-blocks-info-box-number{font-size:50px;}#kt-info-box_50474b-df .kt-blocks-info-box-media{color:#186faf;background:#dceefb;border-color:#444444;border-radius:200px;overflow:hidden;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;padding-top:26px;padding-right:26px;padding-bottom:26px;padding-left:26px;}#kt-info-box_50474b-df .kt-blocks-info-box-media-container{margin-top:5px;margin-right:15px;margin-bottom:15px;margin-left:15px;}#kt-info-box_50474b-df .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#186faf;background:#dceefb;border-color:#444444;}#kt-info-box_50474b-df .kt-infobox-textcontent h4.kt-blocks-info-box-title{color:#E5A017;font-size:22px;line-height:26px;font-family:Montserrat;font-style:normal;font-weight:700;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap:hover h4.kt-blocks-info-box-title{color:#E5A017;}#kt-info-box_50474b-df .kt-infobox-textcontent .kt-blocks-info-box-text{color:#545e69;}.wp-block-kadence-infobox#kt-info-box_50474b-df .kt-blocks-info-box-text{font-size:14px;}#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-text{color:#545e69;}#kt-info-box_50474b-df .kt-blocks-info-box-learnmore{color:#4a627b;background:#ffffff;border-color:#e4e8ec;font-size:14px;font-family:Montserrat;font-style:normal;font-weight:600;border-width:1px 0px 0px 0px;padding-top:20px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:25px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,#kt-info-box_50474b-df .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#4a627b;background:#ffffff;border-color:#e4e8ec;}<\/style>\n<div id=\"kt-info-box_50474b-df\" class=\"wp-block-kadence-infobox\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\"><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Primary market<br\/><\/h4><p class=\"kt-blocks-info-box-text\">Primary markets are those where investors may subscribe securities (shares, bonds or others) at the time they are being issued.<br\/>An IPO is an example of a primary market issuing, others being rights offerings and private placements in which securities are directly offered to institutional investors such as hedge funds or banks without being publicly available.<br\/>In other words, primary markets are those where securities are first made available to investors by the issuing company.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column_1b0e52-b7 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_1b0e52-b7 > .kt-inside-inner-col,.kadence-column_1b0e52-b7 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_1b0e52-b7 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_1b0e52-b7 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_1b0e52-b7 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_1b0e52-b7 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_1b0e52-b7{position:relative;}@media all and (max-width: 1024px){.kadence-column_1b0e52-b7 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_1b0e52-b7 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_1b0e52-b7\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > #kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap{max-width:unset;}#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap{border-color:rgba(63, 63, 63, 0.6);border-top-width:5px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:#F1F1F1;padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap:hover{border-color:rgba(63, 63, 63, 0.6);background:#F1F1F1;}#kt-info-box_2613fb-63 .kadence-info-box-icon-container .kt-info-svg-icon, #kt-info-box_2613fb-63 .kt-info-svg-icon-flip, #kt-info-box_2613fb-63 .kt-blocks-info-box-number{font-size:50px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-media{color:#f0b429;background:#fff3c4;border-color:#444444;border-radius:200px;overflow:hidden;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;padding-top:26px;padding-right:26px;padding-bottom:26px;padding-left:26px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-media-container{margin-top:5px;margin-right:15px;margin-bottom:15px;margin-left:15px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#f0b429;background:#fff3c4;border-color:#444444;}#kt-info-box_2613fb-63 .kt-infobox-textcontent h4.kt-blocks-info-box-title{color:rgba(63,63,63,0.6);font-size:22px;line-height:26px;font-family:Montserrat;font-style:normal;font-weight:700;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap:hover h4.kt-blocks-info-box-title{color:rgba(63,63,63,0.6);}#kt-info-box_2613fb-63 .kt-infobox-textcontent .kt-blocks-info-box-text{color:#545e69;}.wp-block-kadence-infobox#kt-info-box_2613fb-63 .kt-blocks-info-box-text{font-size:14px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-text{color:#545e69;}#kt-info-box_2613fb-63 .kt-blocks-info-box-learnmore{color:#4a627b;background:#ffffff;border-color:#e4e8ec;font-size:14px;font-family:Montserrat;font-style:normal;font-weight:600;border-width:1px 0px 0px 0px;padding-top:20px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:25px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,#kt-info-box_2613fb-63 .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#4a627b;background:#ffffff;border-color:#e4e8ec;}<\/style>\n<div id=\"kt-info-box_2613fb-63\" class=\"wp-block-kadence-infobox\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\"><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Secondary market<br\/><\/h4><p class=\"kt-blocks-info-box-text\">In secondary markets, securities are traded among investors on a physical or electronic trading venue\/platform, where buying and selling orders can be placed and securities traded when the price of these orders match. <br\/>Specific entities &#8211; trading service providers, such as brokers and dealers as well as banks \u2013 are usually the ones that interact with the trading venue, executing the instructions received from their clients.<br\/>It must be noted that the trading activity outside a trading venue, directly between investors (usually referred to as Over-The-Counter) is also considered as secondary market as well.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_1886e5-95, .wp-block-kadence-advancedheading.kt-adv-heading_1886e5-95[data-kb-block=\"kb-adv-heading_1886e5-95\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_1886e5-95 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_1886e5-95[data-kb-block=\"kb-adv-heading_1886e5-95\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_1886e5-95 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_1886e5-95[data-kb-block=\"kb-adv-heading_1886e5-95\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_1886e5-95 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_1886e5-95\">1.2.3.2. How are securities traded in the secondary markets IN PORTUGAL?<\/p>\n\n\n\n<p><strong>Market Members<\/strong><\/p>\n\n\n\n<p>Only companies that have obtained &#8220;Membership status&#8221; granted by Euronext are allowed to participate directly in the trading activities on Euronext markets. Accordingly, investors cannot trade directly in the Exchange. They require a Member to execute orders on their behalf at the Euronext trading platform. The accredited intermediaries for Euronext Lisbon may be found in <a href=\"https:\/\/live.euronext.com\/resources\/members-list\" target=\"_blank\" rel=\"noopener\">Members list | live (euronext.com)<\/a>.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Central Order Book and Trading Platform<\/strong><\/p>\n\n\n\n<p>Euronext operates an electronic Order Book in which orders entered are held until they are matched, expired or withdrawn. Specifically, Members introduce the buy and sell orders they receive from the investors in the Central Order Book. These orders can be of different types (market orders, limit orders, stop orders, indexed orders) and must comply a series of indications that are described in the Euronext Market Rules. Typically, an order should have an indication, at least, of the price preference, the volume\/quantity and the term.&nbsp; &nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>OTC trade (\u201cOver The Counter\u201d)<\/strong><\/p>\n\n\n\n<p>A trade that usually results from a bilateral agreement between a buyer and a seller with no interposition of a trading venue.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Method of trading<\/strong><\/p>\n\n\n\n<p>Shares are traded in the Euronext Trading Platform either continuously, for shares with sufficient liquidity or at auction for the least liquid shares. For many securities where there may not be a large number of buyers and sellers daily and at all times of the trading session, call auction trading is the most appropriate and efficient way to determine the price of these securities. Bonds trade at auction, but mainly OTC.<\/p>\n\n\n\n<p><\/p>\n\n\n<style>.kadence-column_1902be-1c > .kt-inside-inner-col{padding-top:0px;padding-bottom:0px;padding-left:15px;padding-right:5px;}.kadence-column_1902be-1c > .kt-inside-inner-col{min-height:36px;border-color:var(--global-palette1, #3182CE);border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:10px;}.kadence-column_1902be-1c > .kt-inside-inner-col,.kadence-column_1902be-1c > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_1902be-1c > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_1902be-1c > .kt-inside-inner-col{flex-direction:column;}.kadence-column_1902be-1c > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_1902be-1c > .kt-inside-inner-col{background-color:var(--global-palette8, #F7FAFC);}.kadence-column_1902be-1c > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_1902be-1c{position:relative;}.wp-block-kadence-column.kadence-column_1902be-1c > .kt-inside-inner-col{margin-top:3px;margin-bottom:0px;}@media all and (max-width: 1024px){.kadence-column_1902be-1c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_1902be-1c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_1902be-1c\"><div class=\"kt-inside-inner-col\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<p><\/p>\n\n\n\n<p><em><em>All orders on Euronext markets are centralised by the central order book in order to achieve an equilibrium price depending on the supply and demand for each security.<\/em><\/em><\/p>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n<style>.wp-block-kadence-spacer.kt-block-spacer-_d9de5e-8b .kt-block-spacer{height:60px;}.wp-block-kadence-spacer.kt-block-spacer-_d9de5e-8b .kt-divider{border-top-width:1px;height:1px;border-top-color:#eee;width:80%;border-top-style:solid;}<\/style>\n<div class=\"wp-block-kadence-spacer aligncenter kt-block-spacer-_d9de5e-8b\"><div class=\"kt-block-spacer kt-block-spacer-halign-center\"><\/div><\/div>\n\n\n<style>.wp-block-kadence-advancedheading.kt-adv-heading_0514c4-39, .wp-block-kadence-advancedheading.kt-adv-heading_0514c4-39[data-kb-block=\"kb-adv-heading_0514c4-39\"]{font-size:14px;font-weight:bold;font-style:normal;text-transform:uppercase;}.wp-block-kadence-advancedheading.kt-adv-heading_0514c4-39 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading_0514c4-39[data-kb-block=\"kb-adv-heading_0514c4-39\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading_0514c4-39 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading_0514c4-39[data-kb-block=\"kb-adv-heading_0514c4-39\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading_0514c4-39 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading_0514c4-39\">1.2.3.2. The trade and post-trade structure in Portugal<\/p>\n\n\n\n<p><\/p>\n\n\n<style>#kt-layout-id_09b314-ce > .kt-row-column-wrap{align-content:start;}:where(#kt-layout-id_09b314-ce > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}#kt-layout-id_09b314-ce > .kt-row-column-wrap{column-gap:20px;row-gap:var(--global-kb-gap-md, 2rem);max-width:2000px;margin-left:auto;margin-right:auto;padding-top:var( --global-kb-row-default-top, 25px );padding-bottom:var( --global-kb-row-default-bottom, 25px );padding-top:42px;padding-bottom:104px;grid-template-columns:minmax(0, calc(33.4% - ((20px * 2 )\/3)))minmax(0, calc(33.3% - ((20px * 2 )\/3)))minmax(0, calc(33.3% - ((20px * 2 )\/3)));}#kt-layout-id_09b314-ce{background-color:rgba(249,249,249,0);}#kt-layout-id_09b314-ce > .kt-row-layout-overlay{opacity:0.30;}#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep{height:102px;}#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep svg{width:100%;}#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep svg{fill:#ffffff!important;}@media all and (max-width: 1024px){#kt-layout-id_09b314-ce > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}}@media all and (max-width: 1024px){#kt-layout-id_09b314-ce > .kt-row-column-wrap{grid-template-columns:repeat(3, minmax(0, 1fr));}}@media all and (max-width: 1024px){#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep{height:px;}}@media all and (max-width: 1024px){#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep svg{width:%;}}@media all and (max-width: 767px){#kt-layout-id_09b314-ce > .kt-row-column-wrap > div:not(.added-for-specificity){grid-column:initial;}#kt-layout-id_09b314-ce > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep{height:px;}#kt-layout-id_09b314-ce .kt-row-layout-bottom-sep svg{width:%;}}<\/style>\n<div class=\"wp-block-kadence-rowlayout alignfull\"><div id=\"kt-layout-id_09b314-ce\" class=\"kt-row-layout-inner kt-row-has-bg kt-layout-id_09b314-ce\"><div class=\"kt-row-column-wrap kt-has-3-columns kt-gutter-narrow kt-v-gutter-default kt-row-valign-top kt-row-layout-equal kt-tab-layout-inherit kt-m-colapse-left-to-right kt-mobile-layout-row  kt-custom-first-width-33.4  kt-custom-second-width-33.3  kt-custom-third-width-33.3\"><style>.kadence-column_6a3cb5-d4 > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_6a3cb5-d4 > .kt-inside-inner-col,.kadence-column_6a3cb5-d4 > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_6a3cb5-d4 > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_6a3cb5-d4 > .kt-inside-inner-col{flex-direction:column;}.kadence-column_6a3cb5-d4 > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_6a3cb5-d4 > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_6a3cb5-d4{position:relative;}@media all and (max-width: 1024px){.kadence-column_6a3cb5-d4 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_6a3cb5-d4 > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-1 kadence-column_6a3cb5-d4\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > #kt-info-box_005009-62 .kt-blocks-info-box-link-wrap{max-width:unset;}#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap{border-color:#E5A017;border-top-width:5px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:rgba(229, 160, 23, 0.05);padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap:hover{border-color:#E5A017;background:rgba(229, 160, 23, 0.05);}#kt-info-box_005009-62 .kadence-info-box-icon-container .kt-info-svg-icon, #kt-info-box_005009-62 .kt-info-svg-icon-flip, #kt-info-box_005009-62 .kt-blocks-info-box-number{font-size:50px;}#kt-info-box_005009-62 .kt-blocks-info-box-media{color:#186faf;background:#dceefb;border-color:#444444;border-radius:200px;overflow:hidden;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;padding-top:26px;padding-right:26px;padding-bottom:26px;padding-left:26px;}#kt-info-box_005009-62 .kt-blocks-info-box-media-container{margin-top:5px;margin-right:15px;margin-bottom:15px;margin-left:15px;}#kt-info-box_005009-62 .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#186faf;background:#dceefb;border-color:#444444;}#kt-info-box_005009-62 .kt-infobox-textcontent h4.kt-blocks-info-box-title{color:#E5A017;font-size:22px;line-height:26px;font-family:Montserrat;font-style:normal;font-weight:700;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap:hover h4.kt-blocks-info-box-title{color:#E5A017;}#kt-info-box_005009-62 .kt-infobox-textcontent .kt-blocks-info-box-text{color:#545e69;}.wp-block-kadence-infobox#kt-info-box_005009-62 .kt-blocks-info-box-text{font-size:14px;}#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-text{color:#545e69;}#kt-info-box_005009-62 .kt-blocks-info-box-learnmore{color:#4a627b;background:#ffffff;border-color:#e4e8ec;font-size:14px;font-family:Montserrat;font-style:normal;font-weight:600;border-width:1px 0px 0px 0px;padding-top:20px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:25px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,#kt-info-box_005009-62 .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#4a627b;background:#ffffff;border-color:#e4e8ec;}<\/style>\n<div id=\"kt-info-box_005009-62\" class=\"wp-block-kadence-infobox\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\"><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Trading<\/h4><p class=\"kt-blocks-info-box-text\">Transactions are executed on trading platforms or OTC and the seller is obliged to transfer the securities to the buyer in exchange for cash.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column_21ac8c-de > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_21ac8c-de > .kt-inside-inner-col,.kadence-column_21ac8c-de > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_21ac8c-de > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_21ac8c-de > .kt-inside-inner-col{flex-direction:column;}.kadence-column_21ac8c-de > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_21ac8c-de > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_21ac8c-de{position:relative;}@media all and (max-width: 1024px){.kadence-column_21ac8c-de > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_21ac8c-de > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-2 kadence-column_21ac8c-de\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > #kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap{max-width:unset;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap{border-color:rgba(63, 63, 63, 0.6);border-top-width:5px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:#F1F1F1;padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap:hover{border-color:rgba(63, 63, 63, 0.6);background:#F1F1F1;}#kt-info-box_24bfe0-82 .kadence-info-box-icon-container .kt-info-svg-icon, #kt-info-box_24bfe0-82 .kt-info-svg-icon-flip, #kt-info-box_24bfe0-82 .kt-blocks-info-box-number{font-size:50px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-media{color:#f0b429;background:#fff3c4;border-color:#444444;border-radius:200px;overflow:hidden;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;padding-top:26px;padding-right:26px;padding-bottom:26px;padding-left:26px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-media-container{margin-top:5px;margin-right:15px;margin-bottom:15px;margin-left:15px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-media .kadence-info-box-image-intrisic img{border-radius:200px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#f0b429;background:#fff3c4;border-color:#444444;}#kt-info-box_24bfe0-82 .kt-infobox-textcontent h4.kt-blocks-info-box-title{color:rgba(63,63,63,0.6);font-size:22px;line-height:26px;font-family:Montserrat;font-style:normal;font-weight:700;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap:hover h4.kt-blocks-info-box-title{color:rgba(63,63,63,0.6);}#kt-info-box_24bfe0-82 .kt-infobox-textcontent .kt-blocks-info-box-text{color:#545e69;}.wp-block-kadence-infobox#kt-info-box_24bfe0-82 .kt-blocks-info-box-text{font-size:14px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-text{color:#545e69;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-learnmore{color:#4a627b;background:#ffffff;border-color:#e4e8ec;font-size:14px;font-family:Montserrat;font-style:normal;font-weight:600;border-width:1px 0px 0px 0px;padding-top:20px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:25px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-learnmore,#kt-info-box_24bfe0-82 .kt-blocks-info-box-link-wrap .kt-blocks-info-box-learnmore:focus{color:#4a627b;background:#ffffff;border-color:#e4e8ec;}<\/style>\n<div id=\"kt-info-box_24bfe0-82\" class=\"wp-block-kadence-infobox\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\"><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Clearing<\/h4><p class=\"kt-blocks-info-box-text\">The process of establishing final positions, including the calculation of net obligations, and ensuring the availability of financial instruments, cash or both to ensure the fulfilment of transactions.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n\n\n<style>.kadence-column_8438a9-fa > .kt-inside-inner-col{border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;}.kadence-column_8438a9-fa > .kt-inside-inner-col,.kadence-column_8438a9-fa > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column_8438a9-fa > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column_8438a9-fa > .kt-inside-inner-col{flex-direction:column;}.kadence-column_8438a9-fa > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column_8438a9-fa > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column_8438a9-fa{position:relative;}@media all and (max-width: 1024px){.kadence-column_8438a9-fa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column_8438a9-fa > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column inner-column-3 kadence-column_8438a9-fa\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-column.kb-section-dir-horizontal > .kt-inside-inner-col > #kt-info-box_4180f3-06 .kt-blocks-info-box-link-wrap{max-width:unset;}#kt-info-box_4180f3-06 .kt-blocks-info-box-link-wrap{border-color:#3C47B0;border-top-width:5px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;background:rgba(60, 71, 176, 0.05);padding-top:20px;padding-right:20px;padding-bottom:20px;padding-left:20px;}#kt-info-box_4180f3-06 .kt-blocks-info-box-link-wrap:hover{border-color:#3C47B0;background:rgba(60, 71, 176, 0.05);}#kt-info-box_4180f3-06 .kadence-info-box-icon-container .kt-info-svg-icon, #kt-info-box_4180f3-06 .kt-info-svg-icon-flip, #kt-info-box_4180f3-06 .kt-blocks-info-box-number{font-size:50px;}#kt-info-box_4180f3-06 .kt-blocks-info-box-media{color:#444444;border-top-width:0px;border-right-width:0px;border-bottom-width:0px;border-left-width:0px;padding-top:10px;padding-right:10px;padding-bottom:10px;padding-left:10px;}#kt-info-box_4180f3-06 .kt-blocks-info-box-media-container{margin-top:0px;margin-right:15px;margin-bottom:0px;margin-left:15px;}#kt-info-box_4180f3-06 .kt-blocks-info-box-link-wrap:hover .kt-blocks-info-box-media{color:#444444;}#kt-info-box_4180f3-06 .kt-infobox-textcontent h4.kt-blocks-info-box-title{color:#3C47B0;font-size:22px;line-height:26px;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-top:5px;margin-right:0px;margin-bottom:10px;margin-left:0px;}#kt-info-box_4180f3-06 .kt-blocks-info-box-link-wrap:hover h4.kt-blocks-info-box-title{color:#3C47B0;}.wp-block-kadence-infobox#kt-info-box_4180f3-06 .kt-blocks-info-box-text{font-size:14px;}#kt-info-box_4180f3-06 .kt-blocks-info-box-learnmore{background:transparent;border-width:0px 0px 0px 0px;padding-top:4px;padding-right:8px;padding-bottom:4px;padding-left:8px;margin-top:10px;margin-right:0px;margin-bottom:10px;margin-left:0px;}<\/style>\n<div id=\"kt-info-box_4180f3-06\" class=\"wp-block-kadence-infobox\"><a class=\"kt-blocks-info-box-link-wrap info-box-link kt-blocks-info-box-media-align-top kt-info-halign-center\"><div class=\"kt-infobox-textcontent\"><h4 class=\"kt-blocks-info-box-title\">Settlement<\/h4><p class=\"kt-blocks-info-box-text\">Actual exchange of securities for cash, when the securities are effectively transferred to the buyer and the money is assigned to the seller.<\/p><\/div><\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"949\" src=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/chap-1.2-euronext-final-EN-1024x949.png\" alt=\"\" class=\"wp-image-5473\" srcset=\"https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/chap-1.2-euronext-final-EN-1024x949.png 1024w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/chap-1.2-euronext-final-EN-300x278.png 300w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/chap-1.2-euronext-final-EN-768x712.png 768w, https:\/\/issuers-guide.buzzvel.work\/wp-content\/uploads\/2022\/09\/chap-1.2-euronext-final-EN.png 1131w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>1.2.1. Why choose public market-based financing? Market-based financing refers to a system with multiple entities allowing the transaction of equity and debt financial instruments, in which such instruments supply (companies seeking financing) meets demand (investors, including funds, insurers, etc.) in an organized way. Accessing market-based financing enables the Company to raise money from a wide [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[77],"tags":[],"class_list":["post-2795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-why-capital-markets-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/2795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/comments?post=2795"}],"version-history":[{"count":43,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/2795\/revisions"}],"predecessor-version":[{"id":9959,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/posts\/2795\/revisions\/9959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/media\/9962"}],"wp:attachment":[{"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/media?parent=2795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/categories?post=2795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/issuers-guide.buzzvel.work\/en\/wp-json\/wp\/v2\/tags?post=2795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}