As many as 100 companies listed on the Euro NM network of growth company markets in Paris, Amsterdam and Brussels could be orphaned by the merger of the three parent exchanges to create Euronext.

Investment bankers specialising in growth company new issues, as well as the companies themselves, are becoming increasingly concerned that Euronext's plans to launch a Next Economy segment for technology, along the lines of the London Stock Exchange's TechMark, will exclude many of the smaller growth companies for which Euro NM was originally designed.