No "cookie cutter” model exists when it comes to building an exchange tailored for small and medium sized businesses, according to the main trade body for stock markets around the globe.

Instead, bourses have a “toolbox of options” to choose from to develop or refine their SME markets, the World Federation of Exchanges (WFE) said on Tuesday.

"Exchanges, policy makers and market intermediaries will have to work together to determine what is most appropriate for the market and the defined objectives," WFE said in its latest report. 

The focus on SMEs has intensified post the 2008 global financial crisis in both emerging market economies and developed.

However a lack of access to finance is seen as the sector's main barrier to the growth.

Meanwhile, one of the consequences of the global financial crisis is a curtailment of bank financing – still the primary source of funding for SMEs around the world.

In its report, WFE said that even within the narrow realm of SME financing, while exchanges have a role to play, they are not the sole solution to SME funding challenges.

“Other actors, such as banks, private equity and venture capital firms amongst others, all have an important role to play," the study concluded.

WFE's study looked at the models of Shenzhen Stock Exchange ChiNext market (ChiNext); the Bombay Stock Exchange SME market (BSE SME); the Korea Exchange (KOSDAQ) and the EnterNext offering of Euronext.

In found that each differs in structure, focus and listed issuer base. Arguably however, all are successful markets.

London Stock Exchanges’ AIM market and the Warsaw Stock Exchange are often held up as benchmark SME markets.

Last year securities watchdog IOSCO said it "could be useful" to lighten listing requirements for SMEs and lower the thresholds on minimum paid up capital, minimum free float, revenue, market cap and profitability requirements.

It also recommend that tailored listing requirements be introduced for dedicated equity and fixed income markets for SMEs, describing SME access to corporate bond markets as "almost non-existent".