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The Nasdaq 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.


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.

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

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.

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.

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

Tradable securitiesEdit

Main listEdit

To be eligible for inclusion to the main list, a company must have 3 years of operating history, an established financial position, market cap of not less than EUR 4 million, with reporting according to the International Financial Reporting Standards, and a free float of 25% or worth at least EUR 10 million.

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

Secondary ListEdit

The Secondary List comprises companies that do not meet quantitative admission requirements (free float, capitalization). The admission requirements are not as strict compared with those of the Main List.

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

Bond ListEdit

The Bond List consists of listed debt instruments issued by companies and government.

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

Fund ListEdit

The Fund List consists of listed investment fund units which can be traded the same way as shares.

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

Nasdaq First NorthEdit

Nasdaq First North is a multilateral trading facility (MTF), also known as alternative market. It does not have the legal status as an EU-regulated market. Companies at First North are subject to the rules of First North and not the legal requirements for admission to trading on a regulated market.

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


External linksEdit