OMX is now introducing First North, the Nordic Exchange’s alternative marketplace, in Finland. First North offers small and growing companies easy access to the Nordic and global financial markets, and provides new growth opportunities for small Finnish companies. First North’s requirements are lighter than on the Nordic Exchange’s main market. First North is one of the fastest growing alternative markets in Europe.
First North was launched in Denmark in 2005, in Sweden in 2006, and in Iceland in January 2007. Now OMX is expanding the First North concept to Finland. First North offers listing and trading in EUR, SEK, DKK and ISK-denominated shares. The First North companies may disclose information in Finnish, English, Swedish, Danish, Icelandic or Norwegian.
“Through First North we make it easier for growing companies to raise capital. This supports economic growth and benefits the whole Nordic region. First North offers the companies increased visibility and access to Northern Europe’s largest pool of capital. The expansion of First North gives investors a wider variety of investment opportunities. For smaller companies, First North can be seen as a first step towards our main market on the Nordic Exchange,” says Jukka Ruuska, President of OMX Nordic Exchange.
“First North has already attracted 88 companies from nine sectors. Besides which, velocity at First North is 132 percent, which demonstrates the good liquidity of the market,” adds Ruuska.
First North offers an extensive network of national and international investors easy access to the companies traded on that market. A substantial investor base is supported by the fact that members of the Nordic Exchange in Helsinki and Stockholm have access to First North. Consequently, companies traded on First North benefit from broad exposure.
All companies on the Nordic Exchange’s main market and First North are classified according to the international Global Industry Classification Standard (GICS). The First North All-Share index is available in Euro and contains all shares traded on First North.
Each company on First North has a designated Certified Advisor, who is either a member of the Nordic Exchange or another professional financial advisor. The advisors continuously monitor the companies with regard to their fulfillment and compliance with the First North requirements. When necessary, the Certified Advisors initiate investigations and the exchange can impose sanctions on the companies. First North services in Finland are not supervised by the Finnish Financial Supervision Authority, and the Finnish Securities Markets Act does not apply to them.
