STOCK EXCHANGES

NASDAQ BALTIC

Tallinn, Riga and Vilnius exchanges belong to
the common Nasdaq Baltic stock exchange system.

The Baltic stock exchanges have joined and are commonly referred to as the Nasdaq Baltic stock exchange.

The Riga stock exchange was opened in 1992, the Vilnius exchange in 1993 and the Tallinn exchange in 1996. Today, the Baltic stock exchanges have joined and are commonly referred to as the Nasdaq Baltic stock exchange.

All three stock exchanges have a similar structure, comprised of three parts:

1) The main list of the stock exchange, where the company must have an operation period of at least three years, the company must have at least 4-million euros worth of market value and strict information disclosure requirements apply.

2) A secondary list of the stock exchange, where the company must have an operation period of at least two years, the company must have at least 1-million euros worth of market value and strict information disclosure requirements apply.

 

3) An alternative trading facility, First North, where certain market capitalisation and fixed activity history terms are not necessary, as well as less strict rules for information disclosure apply.

 

As of 2018, the market capitalisation of the Baltic main list is 6.1 billion euros, the secondary list market capitalisation is 1.8 billion euros, and First North is 59.5 million euros.

 

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NASDAQ LONDON

The London stock exchange was founded in 1801. As of April 2018, this stock exchange has listed more than 2,600 companies with market capitalisation of more than 7.11 trillion euros.

The alternative market lists 941 companies with market capitalisation of more than 101 billion euros.

The exchange is comprised of the main list (large and international companies) and the alternative list (AIM) with smaller and growth companies. As of April 2018, the alternative market lists 941 companies with market capitalisation of more than 101 billion euros. The main list is in turn comprised of the Premium Segment and the Standard Segment.

For a company to be listed in the Premium Segment, it has to meet the United Kingdom’s super equivalent rules, which are stricter than the EU regulations. The Standard Segment is open to issue shares, GDR (bank certificates), bonds and derivatives to which the minimum EU requirements apply.

 

The alternative market (AIM) is open for listing growth companies registered in the European Union and whose aim is to eventually be listed in the Premium Segment. A special funds market aimed at professional investors is also part of the main list. In addition, the London stock exchange also has a Specialist Securities Market, where the companies can raise capital with the aid of unique capital instruments such as bonds and DR-s (depositary receipts).

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NASDAQ STOCKHOLM

The Stockholm stock exchange was established in 1863. As of 2008, the Stockholm exchange is part of the NASDAQ Inc. group and belongs among the NASDAQ stock exchanges.

The main list separates companies with large, medium and small market capitalisation.

The Stockholm exchange includes the main list and alternative trading facility First North, which is meant for listing growth companies. The main list separates companies with large, medium and small market capitalisation.

 

As of May 2018, the market capitalisation of the Stockholm exchange main list is 1.1 trillion euros, and 318 companies are listed. As of April 2018, the alternative trading facility First North lists 281 companies in Stockholm. The majority of these, 66 companies are in the healthcare sector. Next are manufacturing companies with 52 listed on Stockholm First North.

Investor’s average expected annual rate of return on the exchange:

Stock exchange main list 5–10%

Stock exchange secondary list 7–15%

Alternative trading system First North 10–30%

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REGULATED MARKET OR FIRST NORTH?

The European Union directives apply for the regulated section of the Baltic exchanges; the local Financial Supervision Authority conducts supervision. The regulated market has stricter requirements than First North.

First North offers new investment opportunities for the investors.

The Stockholm exchange includes the main list and alternative trading facility First North, which is meant for listing growth companies. The main list separates companies with large, medium and small market capitalisation.

 

As of May 2018, the market capitalisation of the Stockholm exchange main list is 1.1 trillion euros, and 318 companies are listed. As of April 2018, the alternative trading facility First North lists 281 companies in Stockholm. The majority of these, 66 companies are in the healthcare sector. Next are manufacturing companies with 52 listed on Stockholm First North.

First North offers new investment opportunities for the investors. At the same time, it is essential to bear in mind that due to the lower requirements set for the alternative marketplace, investing into shares traded there may involve greater risk than investing into shares traded on regular markets.

First North is suitable for the following companies:

  • Growth companies that want to evolve fast.
  • Companies that need additional capital to enter new markets, pass their competitors or acquire companies.
  • Family companies planning a generation shift in the management or among the owners.
  • Companies expecting to be acquired.
  • Companies that want to list their shares in the secondary or main list of a stock exchange as the next step.
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