Nasdaq Baltic exchanges provide regulated market and First North listing services for a variety of financial instruments as well as services related to the public trading of financial instruments. When seeking a listing, an issuer may choose from among the regulated market and First North organized by the Baltic exchanges depending on the type of the financial instrument.   

The lists mentioned below comprise financial instruments traded on any of three Baltic exchanges. Legally, however, listing is always either in Tallinn, Riga or Vilnius, and oversight is carried out by the financial supervisory authority and the stock exchange of the respective country.   

Regulated market

A regulated market is a set of organizational, legal and technical arrangements that enables trading in financial instruments in an open manner and on a regular basis. When listing on a regulated market, the organization and procedure of trading along with issuer surveillance is implemented in compliance with the relevant European Union standards and directives. A regulated market is subject to oversight by both the stock exchange and the respective financial market regulator.

On the Baltic regulated market, financial instruments may be listed on one of the following lists:

  • Baltic Main List (equities)
  • Baltic Secondary List (equities)
  • Baltic Bond List (debt securities)
  • Baltic Fund List (investment fund units)

Alternative market

First North is a Nordic-Baltic alternative marketplace for trading in shares and bonds. For a company, First North combines the benefits of being public with simplicity. It is a marketplace tailored for companies that are interested in taking advantage of the financial markets, but that may be unable to do so on the regulated market. First North is suitable for:

  • Growth companies with ambition to develop
  • Established companies that need capital to move into new markets, prevail over competition in existing ones, or make acquisitions
  • Family-owned companies carrying out a generation shift
  • Companies open to acquisition
  • Companies aiming for a listing on the regulated market in the future

First North is an alternative market; it does not have the legal status of a regulated market. Issuers on First North are subject to the rules of First North (“the Rules”) but not the legal requirements for admission to trading on an Exchange. So companies on the alternative marketplace face less stringent requirements compared to those on the regulated market.

First North provides the infrastructure for trading and distribution of share data. Surveillance of trading and companies is conducted jointly by the stock exchange and certified advisers. Each company that is admitted to trading must have an agreement with an Adviser. The Adviser, who also has an agreement with the Exchange, ensures that the company meets the admission requirements and continuing obligations associated with having shares admitted to trading on First North. Furthermore, the Adviser constantly monitors the company’s compliance with the rules and immediately reports to the Exchange if there should be a breach of the rules. 

For investors, First North provides the opportunity to invest in a company early in its lifecycle, at a stage of growth and development. The risk and earnings potential in such an investment may be higher than on the main market. Companies on First North are also subject to less stringent requirements than on the main market, which also implies a higher risk.


Find out more about the Nasdaq Baltic list structure here.