Moderator Staci Warden, Executive Director, Center for Financial Markets, Milken Institute Speakers Ana Carvajal, Lead Financial Sector Specialist, World Bank Group Ashish Chauhan, CEO, Bombay Stock Exchange Siobhan Cleary, Head of Research and Public Policy, World Federation of Exchanges Nick Thadaney, President and CEO, Global Equity Capital Markets, TMX Group Over the last decade, policymakers and market players worldwide have started looking at new, nonbank finance sources for rapidly growing small and medium-sized enterprises, including the creation of dedicated SME boards on local stock exchanges. This panel will review the successes and pitfalls when SMEs look to capital markets for finance. What are the key lessons learned, globally, from recent efforts to expand SME access to capital through equity markets? How effective have SME exchanges been in attracting listings and expanding firms' access to capital? What attracts investors to SME listings and what can exchanges do to promote greater investor participation?

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