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.

HistoryEdit

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]

1996 May 31 – Tallinn Stock Exchange opened for trading with 11 securities listed. June 3 was the first calculation day for the TALSE index.

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

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

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.

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]

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

2007 The alternative market “First North” was launched.

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

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

The following timeline outlines the consolidation through mergers and acquisitions among bourses in the European Union, which has taken place since the 1990s in response to financial harmonisation and liberalisation. Current, independent (parent) exchange companies are shown in colour.

      Intercontinental Exchange, Inc.
    New York Stock Exchange, Inc.     NYSE Euronext, Inc.
      London Traded Options Market   London International Financial Futures and Options Exchange   Euronext N.V.
        London International Financial Futures Exchange
      London Commercial Sale Rooms   London Commodity Exchange  
  Amsterdam Exchanges N.V. (Amsterdam Bourse)       Euronext N.V.
      Bourse de Valeurs Mobilières de Bruxelles S.A. (Brussels Bourse)
    Société des Bourses Françaises S.A. (Paris Bourse)
      Bolsa de Valores de Lisboa e Porto (Lisbon Bourse)
            Irish Stock Exchange  
                  Oslo Stock Exchange   Oslo Børs Holding ASA   Oslo Børs VPS Holding ASA  
                                        Verdipapirsentralen   Verdipapirsentralen ASA  
                                      VP Securities A/S  
                    Borsa Italiana S.p.A. (Italian Bourse)   London Stock Exchange Group plc  
      London Stock Exchange plc  
                                                Statnett Marked AS     Nord Pool Spot AS   Nord Pool AS  
                                                Nord Pool ASA    
                                  National Association of Securities Dealers, Inc. (NASD)   NASDAQ   NASDAQ OMX Group, Inc.   Nasdaq, Inc.
                        Stockholm Stock Exchange   OM AB   OM HEX AB   OMX AB
                            Helsinki Stock Exchange   Helsinki Exchanges Group Plc
                                                  Tallinn Stock Exchange  
                                                Riga Stock Exchange  
                                                Vilnius Stock Exchange
    Copenhagen Stock Exchange  
                                            Iceland Stock Exchange  
                                                            Armenian Stock Exchange  
                                                  SIX Swiss Exchange AG
                        Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (Spanish Bourses)  
                            Budapest Stock Exchange       Budapest Stock Exchange
            Wiener Börse AG (Vienna Stock Exchange)   Central and Eastern Europe Stock Exchange Group AG   Vienna Stock Exchange
                                                  Burza cenných papírů Praha, a.s. (Prague Stock Exchange)  
                                              Ljubljana Stock Exchange      
                                                Zagreb Stock Exchange
  Frankfurter Wertpapierbörse AG (Frankfurt Stock Exchange)     Deutsche Börse AG (German Bourse)
                                    Centrale de Livraison de Valeurs Mobilières   Cedel International  
                                                                European Energy Exchange  
                                                            Eurex Exchange  
                                                            STOXX
1585
1602
1625
1698
1724
1769
1771
1792
1799
1801
1808
1818
1831
1863
1864
1912
1954
1970
1971
1978
1979
1980
1985
1989
1991
1993
1995
1996
1998
2000
2001
2002
2003
2004
2005
2006
2007
2008
2010
2011
2012
2013
2014
2015
2016
2018
2019
2020
2021

Tradable securitiesEdit

Main listEdit

As of May 2019, there were 15 companies listed on the main list of Nasdaq Tallinn:[5]

Secondary ListEdit

As of May 2019, there were two companies listed on the Secondary List of Nasdaq Tallinn:

Bond ListEdit

As of May 2019, 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 ListEdit

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

Nasdaq First NorthEdit

As of May 2019, the securities of three companies were being traded on Nasdaq Tallinn First North market:

Trading DayEdit

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

Formerly listed companiesEdit

ReferencesEdit

  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.

External linksEdit

Coordinates: 59°24′23″N 24°47′33″E / 59.4064°N 24.7926°E / 59.4064; 24.7926