Tham khảo tài liệu 'private equity and venture capital in europe_13', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 274 CHAPTER 18 Listing a private company The last element considered is the structure of the market and the choice is made based on three aspects market making specialist and stand alone. Market making is when financial intermediaries guarantee their assistance to the company after the quotation. They continue to offer the bid and ask price quotation without assuming direct position in the share trading. A specialist market implies a market maker that takes a position in the negotiations related to the shares quoted with specific obligations. When the market maker and specialist are absent there is a stand-alone market. The execution phase The organization phase ends with the validation of the substantial requirement of the company. Once the quotation is validated a critical and complex process starts to complete the listing of the company. The are several activities to be executed with necessary steps to be followed 1. Board of Directors resolution States the decision to quote the company and defines the high level guidelines of the process and appoints the financial intermediaries that will act as sponsors of the listing. 2. Due diligence Check the legal economic and financial valuation of the company. 3. Meeting with market authorities to plan the activities required by the law. 4. Meeting and agreement with quotation syndicates a group of financial intermediaries appointed to arrange the shares . 5. Company evaluation. 6. Compilation of the comfort letters that are certifications signed by external audit companies guaranteeing the existence of correct and effective planning and control systems in the target company. 7. Shareholder assembly resolution that allows the company to go public. 8. Preparation of the documentations for the financial analyst. 9. Pre-marketing book building and road show these activities are critical to the success of the quotation because they prepare the financial market for the operation. 10. Shares price fixing and beginning .