Nasdaq Tallinn

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.

Stock exchanges (listing venues) owned by Nasdaq, Inc.
Nasdaq Tallinn
TypeStock exchange
LocationTallinn, Estonia
FoundedApril 1995
OwnerNasdaq
Key peopleKaarel Ots
CurrencyEuro
IndicesOMX Tallinn
Websitehttps://nasdaqbaltic.com/

History

The foundation of Estonian Central Securities Depository in 1994 created the basis for the development of the secondary market based on electronic trading system. This was realized with the founding of the Tallinn Stock Exchange in April 1995 by 10 commercial banks, 9 brokerage firms and state players (Hüvitusfond, Bank of Estonia, and Ministry of Finance), equal holding of each of them. Licensed by the Ministry of Finance, Tallinn Stock Exchange opened for trading on May 31, 1996 with 11 securities listed.[1]

June 3 was the first calculation day for the TALSE index.

In 1999 September 24, The alliance of Nordic Exchanges (NOREX) formally invited Tallinn Stock Exchange, alongside Riga Stock Exchange and the National Stock Exchange of Lithuania, to start negotiations for the potential merger with the union.

In 2001 May 28, the Baltic exchanges and the NOREX officially announced that they suspended further cooperation.[2]

In 2000 October, Tallinn Stock Exchange and Estonian CSD formed, based on the two companies, a group under single strategic management.

In 2001 April, HEX Group from Finland acquired strategic ownership in the Tallinn Stock Exchange Group. Trading in Estonian securities in the HEX trading system started on February 25, 2002.

In 2003 September 4, The first day of operations for OMHEX, the new parent company of HEX Tallinn, created by the merger of Swedish OM and Finnish HEX.[3]

In 2004, as a result of merger between Finnish and Swedish securities market operators into OMX, the Tallinn Stock Exchange adopted new trading platform.

In 2007, the alternative market “First North” was launched.

In 2008, NASDAQ and OMX merged; NASDAQ OMX Group, Inc. was formed. OMX Tallinn became NASDAQ OMX Tallinn.[4]

In 2014, NASDAQ OMX Group, Inc. changed its business name to Nasdaq, Inc. NASDAQ OMX Tallinn became Nasdaq Tallinn.

Tradable securities

Main list

As of August 2022, there were 18 companies listed on the main list of Nasdaq Tallinn:[5]

Secondary List

As of August 2022, there were two companies listed on the Secondary List of Nasdaq Tallinn:

Bond List

As of 2019 May, there were 7 corporate bond issues listed on the Bond List of Nasdaq Tallinn:

  • Admiral Markets 8% subord. bond
  • Baltic Horizon Fund 4.25% bond
  • Inbank 7.00% subord. bond
  • LHV Group 7.25% subord. bond
  • LHV Group 6.50% subord. bond
  • LHV Group 6.00% subord. bond
  • UPP Olaines 7.00% subord. bond

Fund List

As of 2019 May, there were the units of one investment fund listed on Nasdaq Tallinn Fund List:

  • Baltic Horizon Fund

Nasdaq First North

As of August 2022, the securities of 12 companies were being traded on Nasdaq Tallinn First North market:

  • Airbot Technologies (AIR)
  • Bercman Technologies (BERCM)
  • Cleveron Mobility (CLEV)
  • Estonian Japan Trading Company (EJTC)
  • ELMO Rent (ELMO)
  • Hagen Bikes (HAGEN)
  • Linda Nektar (LINDA)
  • MADARA Cosmetics (MDARA)
  • Modera (MODE)
  • Punktid Technologies (PNKTD)
  • Robus Group (ROBUS)
  • Saunum Group (SAUNA)

Trading Day
TimeTrading phase
09:00 – 10:00Period before Opening call auction (Pre-Open)
10:00Opening call auction (Uncross)
10:00 – 15:55Continuous trading
15:55 – 16:00Period before Closing call auction (Pre-Close)
16:00Closing call auction (Uncross)
~16:00 – 16:30Post – trading session
16:30 – 09:00Market closed

Formerly listed companies

See also

References
  1. Luštšik, Olga (1998). "The Anatomy of the Tallinn Stock Exchange". Russian & East European Finance and Trade. 34 (5): 39–70. ISSN 1061-2009. JSTOR 27749454.
  2. Adamson, Ülo; Baranauskas, Gintautas (2003). "Merging Baltic stock exchanges with the NOREX alliance : why it didn't work" (PDF). Organizacijų Vadyba: Sisteminiai Tyrimai (25): 7–25. ISSN 1392-1142.
  3. Market Efficiency in Nordic and Baltic Stock Exchanges: Final Report. Copenhagen, Denmark: Nordic Council of Ministers. 2004. p. 36. ISBN 978-92-893-1028-4.
  4. Alas, Ruth; Tiit, Elenurm (2014). "Corporate Governance Development in a Rapidly Changing Economy: Trends and Challenges in Estonia". In Boubaker, Sabri; Nguyen, Duc Khuong (eds.). Corporate Governance in Emerging Markets: Theories, Practices and Cases. CSR, Sustainability, Ethics & Governance. Heidelberg, Dordrecht and New York: Springer Science & Business Media. p. 295. ISBN 978-3-642-44955-0.
  5. Gurvitsh, Natalja; Sidorova, Inna (2012-01-01). "Survey of Sustainability Reporting Integrated into Annual Reports of Estonian Companies for the years 2007-2010: Based on Companies Listed on Tallinn Stock Exchange as of October 2011". Procedia Economics and Finance. 2nd Annual International Conference on Accounting and Finance (AF 2012) and Qualitative and Quantitative Economics Research (QQE 2012). 2: 26–34. doi:10.1016/S2212-5671(12)00061-5. ISSN 2212-5671.

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