On the one hand, some have interpreted this approach as a relaxation of governance standards on lower tiers or on the market more generally. 21 For instance, Alternext-listed companies are not subject to any of the corporate governance codes applicable in the four jurisdictions covered by the Euronext main market. On the other hand, insofar as these new segments mostly do not compete head-to-head with old exchanges for the same listings the approach can equally be seen as an adaptation of governance requirements to suit the size and type of prospective issuers. Through multiple listing tiers, exchanges may actually.
