Nasdaq Nordic

Last updated

Nasdaq AB
Type Subsidiary
Industry Financial services
Founded2003;20 years ago (2003)
Headquarters Stockholm, Sweden
Key people
Hans-Ole Jochumsen
Products Stock exchanges
Revenue SEK 4.305 billion (2007) [1]
Number of employees
1,638 (2007) [1]
Parent Nasdaq, Inc.
Website www.nasdaqomxnordic.com
The old Stockholm Stock Exchange building Borshuset-2003-04-14.jpg
The old Stockholm Stock Exchange building

Nasdaq Nordic is the common name for the subsidiaries of Nasdaq, Inc. that provide financial services and operate marketplaces for securities in the Nordic and Baltic regions of Europe. [2]

Contents

Historically, the operations were known by the company name OMX AB (Aktiebolaget Optionsmäklarna/Helsinki Stock Exchange), created in 2003 with the merger between OM AB and HEX plc. In 2015, the legal entity OMX AB was renamed Nasdaq AB, but it also operates under the name Nasdaq OMX AB. [3] [4] The operations have been part of Nasdaq, Inc. (formerly known as Nasdaq OMX Group) since February 2008. [5]

On 23 August 2023, the company formed EuroCTP as a joint venture with 13 other bourses, in an effort to provide a consolidated tape for the European Union, as part of the Capital Markets Union proposed by the European Commission.

History

Origins

OM AB (Optionsmäklarna) was a futures exchange founded by Olof Stenhammar in the 1980s to introduce trading in standardized option contracts in Sweden. OM acquired the Stockholm Stock Exchange in 1998 [6] and unsuccessfully attempted acquisition of the London Stock Exchange in 2001. [7] During the dot-com bubble in the early 2000s, OM, together with investment bank Morgan Stanley Dean Witter, launched a virtual European stock exchange called Jiway. The project was not successful [8] and was cancelled on 14 October 2002. [9]

Acquisition of other exchanges

On 3 September 2003, the Helsinki Stock Exchange (HEX) merged with OM and the joint company became OM HEX. [10] On 31 August 2004, the company name was changed to OMX. [11] OMX then acquired the Copenhagen Stock Exchange in January 2005 [6] for €164 million. [12] On 19 September 2006, Iceland Stock Exchange owner Eignarhaldsfelagid Verdbrefathing (EV) announced it would be acquired by OMX in a deal valuing the company at 250 million SEK. [13] The transaction was completed by the end of the year. [6]

The company took a 10% stake in Oslo Børs Holding ASA, the owner of the Oslo Stock Exchange in October 2006. As of September 2016, Nasdaq is not a major shareholder in the Oslo Stock Exchange holding company, which following a merger is currently called Oslo Børs VPS Holding ASA. Nasdaq has, however, publicly stated its interest in eventually acquiring the Oslo Stock Exchange. [14] [15] [16]

In November 2007, OMX acquired the Armenian Stock Exchange and the Central Depository of Armenia. [17]

Expansion of offerings

In December 2005, OMX started First North, an alternative exchange for smaller companies, in Denmark. The First North exchange expanded to Stockholm in June 2006, Iceland in January 2007 and Helsinki in April 2007. [18] The Markets Technology division of Computershare was acquired in 2006. The acquisition greatly expanded its product offerings and made its client list the largest of all trading system technology providers.[ citation needed ]

On 2 October 2006, the group launched a virtual Nordic Stock Exchange after merging the individual lists of shares traded at its three wholly owned Nordic exchanges into a combined Nordic List. [19] Companies listed on the Iceland Stock Exchange have also since been merged into the list. OMX also launched a pan-regional benchmark index known as the OMX Nordic 40 on the same date; however, the individual exchanges also retained their own national benchmark indices.[ citation needed ]

NASDAQ takeover

Former logo used from 1971 to 2014, with Nasdaq logo added in 2007 NASDAQ OMX Group.svg
Former logo used from 1971 to 2014, with Nasdaq logo added in 2007

On 25 May 2007, NASDAQ agreed to buy OMX for US$3.7 billion. [20] In August, however, Borse Dubai offered US$4 billion, prompting speculation of a bidding war. [21] On 20 September 2007, Borse Dubai agreed to stop competing to buy OMX in return for a 20% stake and 5 percent of votes in NASDAQ, as well as NASDAQ's then-28% stake in the London Stock Exchange. [22] In a complex transaction, Borse Dubai acquired 97.2% of OMX's outstanding shares before selling them to NASDAQ. [23] The newly merged company was renamed the NASDAQ OMX Group [24] upon completion of the deal on 27 February 2008. [25]

Exchanges

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Stock exchanges operated by Nasdaq Nordic

The following exchanges, with official market names in parentheses, are operated by Nasdaq Nordic: [26]

Divisions

The company's stock market activities are made up of three entities:

See also

Related Research Articles

<span class="mw-page-title-main">Nasdaq</span> American stock exchange

The Nasdaq Stock Market is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange. The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic stock market network and several U.S.-based stock and options exchanges.

<span class="mw-page-title-main">Nasdaq Helsinki</span> Stock exchange

The Nasdaq Helsinki, formerly known as the Helsinki Stock Exchange, is a stock exchange located in Helsinki, Finland. Since 3 September 2003, it has been part of Nasdaq Nordic. After the OMX merger, it was referred to as OMX Helsinki (OMXH), then after NASDAQ's acquisition of OMX in February 2008, NASDAQ OMX Helsinki, and currently Nasdaq Helsinki.

<span class="mw-page-title-main">Nasdaq Stockholm</span> Stock exchange located in Stockholm, Sweden

Nasdaq Stockholm, formerly known as the Stockholm Stock Exchange, is a stock exchange located in Frihamnen, Stockholm, Sweden. Founded in 1863, it has become the primary securities exchange of the Nordic countries. As of March 2021, a total of 832 companies are listed on Nasdaq Stockholm with 385 companies on the main market and additional 447 listed on secondary markets.

The Nasdaq Iceland, formerly known as the Iceland Stock Exchange (XICE) (Icelandic: Kauphöll Íslands ), is a stock exchange located in Iceland. It was established in 1985 as a joint venture of several banks and brokerage firms on the initiative of the central bank. Trading began in 1986 in Icelandic government bonds, and trading in equities began in 1991. Equities trading increased rapidly thereafter. A wide variety of firms are currently listed on the exchange, including firms in retail, fishing, transportation, banks, insurance and numerous other areas. Because of the small size of the Icelandic economy and the low cost of public listing, many of the companies traded on the XICE are relatively small and are relatively illiquid.

<span class="mw-page-title-main">Oslo Stock Exchange</span> Stock exchange located in Oslo, Norway

Oslo Stock Exchange is a stock exchange within the Nordic countries and offers Norway's only regulated markets for securities trading today. The stock exchange offers a full product range including equities, derivatives and fixed income instruments.

<span class="mw-page-title-main">Nasdaq Vilnius</span> Lithuanian stock market index

The Nasdaq Vilnius is a stock exchange established in 1993 operating in Vilnius, Lithuania. It is owned by Nasdaq Nordic, which also operates Helsinki Stock Exchange and Stockholm Stock Exchange. OMX Vilnius (OMXVGI) is a stock market index for the Nasdaq Vilnius Exchange.

<span class="mw-page-title-main">Nasdaq Riga</span> Stock exchange located in Riga, Latvia

The Nasdaq Riga, formerly Riga Stock Exchange, is the sole stock exchange operating in Riga, Latvia. It is owned by Nasdaq, which also operates exchanges in the USA, Denmark, Sweden, Finland, Iceland, Armenia, Lithuania, and Estonia. Established in 1993.

The Nasdaq Tallinn AS, formerly known as the Tallinn Stock Exchange, is a stock exchange operating in Tallinn, Estonia. Nasdaq Tallinn is the only regulated secondary securities market in Estonia. The major stock market index is Nasdaq Tallinn, formerly known as TALSE.

<span class="mw-page-title-main">Nasdaq, Inc.</span> American multinational financial services corporation

Nasdaq, Inc. is an American multinational financial services corporation that owns and operates three stock exchanges in the United States: the namesake Nasdaq stock exchange, the Philadelphia Stock Exchange, and the Boston Stock Exchange, and seven European stock exchanges: Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, and Nasdaq Vilnius. It is headquartered in New York City, and its president and chief executive officer is Adena Friedman.

Nasdaq Dubai is a Dubai-based stock exchange that lists regional and international shares in the Middle East. Through the exchange, regional issuers can access regional and international investment. International issuers can access investment from the region, through a primary or dual listing.

EDX London was a derivatives exchange managed by the London Stock Exchange that was absorbed into the Turquoise trading platform in 2011. The market was set up in 2003 to combine the liquidity and expertise of the LSE with advanced derivatives technology offered by Sweden's OMX AB. Members of EDX could trade either standardized or flexible futures and options on indices or single stocks. Trading took place on the three Scandinavian linked exchanges, the Stockholm Stock Exchange, Copenhagen Stock Exchange, and Oslo Børs as well as some Russian stocks.

In 1997, the Copenhagen Stock Exchange and the Stockholm Stock Exchange initiated formalized cooperation through NOREX, with the purpose of establishing a joint Nordic securities market. At the beginning of 1998, the two exchanges established a joint company, Nordic Exchanges A/S, whose primary task was to market NOREX worldwide.

<span class="mw-page-title-main">Nasdaq Copenhagen</span>

The Nasdaq Copenhagen, formerly known as the Copenhagen Stock Exchange, is an international marketplace for Danish securities, including shares, bonds, treasury bills and notes, and financial futures and options.

The OMX Nordic 40 (OMXN40) is a stock market index for the pan-regional (virtual) Nasdaq Nordic. It is a capitalization-weighted index, created on October 2, 2006, that consists of the 40 most-traded stock classes of shares from the four stock markets operated by the OMX Group in four of the Nordic countries - Copenhagen, Helsinki, Reykjavík and Stockholm. The base date for the index is December 28, 2001, with a base value of 1000.

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Borse Dubai is a stock exchange in the United Arab Emirates.

Nasdaq First North Growth Market is a division of Nasdaq Nordic and an alternative stock exchange for smaller companies in Europe. The market place Nya Marknaden in Stockholm changed name to First North in June 2006 and the First North exchange expanded to the stock exchange on Iceland in January 2007 and Helsinki in April 2007.

The European Multilateral Clearing Facility (EMCF) was a clearing house based in the Netherlands for equity trades done on stock exchanges or multilateral trading facility throughout Europe.

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References

  1. 1 2 "OMX Financial Year-End Report 2007" (PDF). OMX. Archived from the original (PDF) on 29 May 2008. Retrieved 29 February 2008.
  2. ↑ "Nasdaq Nordic and Nasdaq Clearing Appoint New Board Members". NASDAQ. 12 July 2016. Archived from the original on 14 September 2016. Retrieved 11 August 2016.
  3. ↑ Bakie, John (30 October 2014). "Nasdaq drops OMX name from branding". The Trade. London. Archived from the original on 20 September 2016. Retrieved 12 June 2015.
  4. ↑ "Nasdaq AB". Solidinfo.se (in Swedish). Archived from the original on 26 August 2016. Retrieved 11 August 2016.
  5. ↑ Article on Nasdaq's Acquisition of OMX
  6. 1 2 3 "Milestones". NASDAQ OMX Group. Archived from the original on 26 August 2010. Retrieved 28 September 2010.
  7. ↑ Treanor, Jill (10 December 2002). "Stock Exchange teams up with OM". The Guardian . London. Archived from the original on 10 September 2014. Retrieved 29 February 2008.
  8. ↑ "OM losses shock analysts". BBC News . 18 April 2001. Archived from the original on 12 May 2006. Retrieved 29 February 2008.
  9. ↑ "City briefing: Jiway eases bourse clutter". The Guardian . London. 15 October 2002. Archived from the original on 9 September 2014. Retrieved 29 February 2008.
  10. ↑ Leighton-Jones, Phillipa (4 September 2003). "OMHex appoints new chief executive as trading begins". Financial News . Archived from the original on 17 May 2011. Retrieved 29 February 2008.
  11. ↑ "OMHEX changes name to OMX". Finextra . 31 August 2004. Retrieved 29 February 2008.
  12. ↑ Akerhielm, Maria (16 November 2004). "OMX to Buy Copenhagen Exchange". Dow Jones Newswires . Archived from the original on 10 March 2016. Retrieved 29 February 2008.
  13. ↑ "OMX to buy Iceland bourse owner in all share deal". AFX News . 19 September 2006. Retrieved 29 February 2008.[ dead link ]
  14. ↑ "Top 20 Shareholders". Oslo Børs VPS. Archived from the original on 23 September 2016. Retrieved 2 September 2016.
  15. ↑ "About Oslo Børs VPS". Oslo Børs VPS. Archived from the original on 31 August 2016. Retrieved 2 September 2016.
  16. ↑ "Nasdaq interested in Oslo Bors, but feels Norwegian chill". Reuters . 31 March 2016. Archived from the original on 15 September 2016. Retrieved 2 September 2016.
  17. ↑ "OMX - press release". Cision Wire. Archived from the original on 16 July 2009. Retrieved 21 November 2007.
  18. ↑ "OMX: First North Services Expand to Finland". Business Wire . 3 April 2007. Retrieved 29 February 2008.
  19. ↑ "The OMX Nordic Exchange strengthens its position as a leading European marketplace" (Press release). OMX. 2 October 2006. Retrieved 29 February 2008.
  20. ↑ "Nasdaq bids $3.7bn for Nordic OMX". BBC News . 25 May 2007. Archived from the original on 4 October 2007. Retrieved 29 February 2008.
  21. ↑ "Dubai in $4bn bid for Nordic OMX". BBC News . 17 August 2007. Archived from the original on 23 November 2008. Retrieved 29 February 2008.
  22. ↑ Magnusson, Niklas; McSheehy, Will (20 September 2007). "Dubai to Buy Stakes in Nasdaq, LSE; Strikes OMX Deal". Bloomberg . Archived from the original on 16 January 2008. Retrieved 29 February 2008.
  23. ↑ "Borse Dubai completes planned sale of OMX to Nasdaq". International Herald Tribune . Associated Press. 27 September 2007. Retrieved 29 February 2008.
  24. ↑ Grant, Jeremy (19 March 2008). "Nasdaq OMX launches new equity platform" . ft.com. Archived from the original on 10 December 2022. Retrieved 12 September 2021.
  25. ↑ Cameron, Doug (20 August 2008). "Nasdaq OMX Takes a Rest After String of Mergers. Exchange's Focus Reaching Synergies But Hands are Full". wsj.com. Retrieved 12 September 2021.
  26. ↑ "Nordic Large Cap". NASDAQ. Archived from the original on 23 August 2016. Retrieved 11 August 2016.
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