While membership of each Baltic exchange is needed in order to trade on that exchange, Nasdaq Baltic makes it easy to submit a single application to join all three. A brokerage firm can make such a cross-border application via any one of the exchanges (Tallinn, Riga or Vilnius), with joint review and approval.

Applicants should complete this form:

Application for Nasdaq Nordic and Baltic Market Membership

An agreement must also be signed with each exchange on which membership is sought:

Membership Agreement for Nasdaq Tallinn
Membership Agreement for Nasdaq Riga
Membership Agreement for Nasdaq Vilnius

There is a legal requirement to obtain relevant approval from each securities market supervisor. In line with EU practices, however, for an investment firm already operating in any EU country the process generally involves only notifying its home Financial Supervisory Authority (FSA)*.
If a company is not yet active in the EU, it must first be approved by the respective FSAs in Estonia, Latvia or Lithuania. 
After notifying the relevant FSA, the applicant must sign a membership agreement with the relevant Baltic exchange(s) and submit a membership application to one of them.
The membership application form should be accompanied by the following:

Exchange traders who have the right to trade on any of the Nasdaq exchanges do not need to pass a separate examination in order to trade on the Baltic exchanges.

Note that all the Nasdaq Nordic and Baltic exchanges share the same trading system. This means that members of the Nordic exchanges will not face any additional technical costs or installation needs to  trade on the Baltic exchanges, nor will they have to pay extra fees to the Baltic exchanges for the use of technical infrastructure. 

Clearing and settlement of transactions made on the Baltic exchanges take place in the Nasdaq CSD. A remote member (a foreign-based member firm) has two alternatives for the clearing and settlement of transactions on the Baltic exchanges: it can either use its own back office and conclude an agreement with the Nasdaq CSD; or it can outsource its clearing and settlement services. There are several service providers on the market. 

The processing of a membership application takes about 1-2 weeks if all required information is provided. Once the exchange’s management board approves the membership application and required appendices, membership is granted and the new member can start trading. 

*Notification is not required if a brokerage firm does not intend to provide investment services in the country.