If you had told enthusiastic investors in Germany's Neuer Markt during the heady days of 2000 that within three years the exchange would be dead, they would probably have laughed at you. The Neuer Markt, drawing in tens of Germany's fresh young biotechs, was hailed as the pan-European growth market, and companies flocked to join its ranks (see "Germany's Growth Story," START-UP, January 2001 Also see "Germany's Growth Story" - Scrip, 1 February, 2001.).
Yet next year the Neuer Markt will indeed cease to exist. Having lost 95% of its peak value and all...