Small-cap losses from HK to NY show market flaws
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Hong Kong
HONG KONG'S exchange operator is putting a spotlight on one of the murkiest corners of global finance: small-company stock venues.
By proposing sweeping changes to its Growth Enterprise Market on Friday, Hong Kong Exchanges & Clearing Ltd made a rare acknowledgment that the small-cap market model used in financial centres from New York to London has failed to live up to its promise.
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