Rules and Regulation

    European Rules and Regulations

    The rules and regulations serve an important purpose to sustain confidence in the financial market, enable a common framework for listed companies and protect minority stakeholders such as retail investors.

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    Regulated Markets and MTF

    Nasdaq operates securities markets in Stockholm, Copenhagen, Helsinki and Iceland. These Nasdaq Nordic Markets which are jointly called the Nasdaq Nordic Main Market are classified as Regulated Markets within the meaning of MiFID II. Beside the Regulated Markets, Nasdaq also operates First North, a market that is classified as a Multilateral Trading Facility (MTF) pursuant to MiFID II. The equity segment, Nasdaq First North Growth Market, is a registered SME Growth Market as defined in MiFID II (as implemented in national law).

    The Common Nordic Rules cover the framework for Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm within the areas of listing at Nasdaq Nordic Main Market (Nasdaq Nordic Main Market Rules) and Nasdaq First North MTF (Nasdaq First North MTF Rules) as well as cash equity and fixed income trading (Nasdaq Nordic Member Rules).

    In addition, Nasdaq Stockholm and Nasdaq Clearing operate the Nasdaq Derivatives Markets, a derivatives exchange for trading and clearing in equity derivatives and fixed income derivatives (Derivatives Rules). 

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    Common Rules

    Nordic Member Rules

    Rules & Regulations - Nordic Member Rules

    The Nasdaq Nordic Member Rules contain conditions for membership and trading rules on the regulated markets and MTFs.

    Nordic Main Market Rules

    Rules & Regulations – Nordic Main Market Rules

    The Nasdaq Nordic Main Market Rules contain requirements for issuers to be admitted to trading on the regulated market.

    Derivatives Rules

    Rules & Regulations - Derivatives Rules

    Rules and Regulations of Nasdaq Derivatives Markets govern Nasdaq Stockholm's derivative exchange & Nasdaq Clearing.

    First North MTF Rules

    Rules & Regulations - First North MTF Rules

    The Nasdaq First North Rules contain common and local requirements to be admitted to trading on the Nasdaq First North.

    Local Rules


    Rules & Regulations - Copenhagen

    Nasdaq Copenhagen (Nasdaq København) is a regulated market licensed in Denmark.

    Nasdaq Helsinki

    Rules & Regulations - Helsinki

    Nasdaq Helsinki (Helsingin pörssi) is a regulated market licensed in Finland.

    Nasdaq Stockholm

    Rules & Regulations - Stockholm

    Nasdaq Stockholm (Stockholmsbörsen) is a regulated market licensed in Sweden.

    Nasdaq Iceland

    Rules & Regulations - Iceland

    Nasdaq Iceland (Kauphöll Íslands) is a regulated market licensed in Iceland.

    Rules & Regulations - Consultations

    Nasdaq and Governmental consultations in regards to rules & regulations.

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