OMX Baltic Market in Tallinn, Riga and Vilnius have signed the first letters of intent with advisers, in order to launch First North, an alternative market in the Baltic States. The letters of intent were signed with and the wish to become a certified adviser was expressed by GILD Financial Advisory Services, Lõhmus Haavel & Viisemann, Deloitte Advisory, KPMG Baltics, SEB Enskilda, Ernst & Young Baltic, Suprema Securities and Hansabank from Estonia; KPMG Baltic, Orion Securities and Strata from Lithuania; and Biznesa risin?jumi, KPMG Baltic, Laika stars and PriBalt from Latvia.
The status of a certified adviser will be awarded to sufficiently experienced business and finance consulting companies who complete a special training programme for alternative market First North and enter into an agreement with at least one Baltic exchange. The letters of intent, which have been signed to date, demonstrate the wish of the said advisers to become certified advisers within the next few months on the Baltic alternative market First North.
One of the most apparent features which distinguishes the alternative market from OMX main market is the role of an adviser. A certified adviser is a partner of a company from entry to the market until quotation on the regulated market or leaving the alternative market for any other reason. The adviser analyses the company, valuates its applicability for trading on the alternative market and supports the company throughout the process, by informing the company of all the requirements and obligations of the alternative market. A list of the certified advisers will be made available on the website of First North from which companies will be able to choose an appropriate adviser for themselves.
An adviser has also been partially delegated the obligation to exercise supervision over a company, in addition, the adviser together with the issuer is jointly responsible for the quality of public relations and investor relations. Being an intermediary between a company, the stock exchange and investors, a certified adviser plays a significant role in developing the alternative market.
First North is an alternative market created by OMX, and has already been launched as of today in Sweden, Denmark, Finland and Iceland. The objective of alternative market First North is to provide a wider circle of companies, through less regulations, with a possibility for growth and create a new generation of companies, while offering additional investing possibilities for investors. 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. The risk in such an investment may be higher than on the main market.
The stock exchanges of Tallinn, Riga and Vilnius are currently harmonising their market rules, and negotiations and trainings with certified advisers are underway. Companies that want to join the alternative market First North must, as the first step, contact a certified adviser. A special alternative Baltic market will be opened in Tallinn, Riga and Vilnius in the middle of the year.
About OMX | OMX is a leading expert in the exchange industry. Through the Nordic Exchange, OMX offers access to approximately 80 percent of the Nordic and Baltic securities market. The Nordic Exchange is a term used for marketing purposes and is not a legal entity. It describes the common offering from the Helsinki Stock Exchange, Copenhagen Stock Exchange, Stockholm Stock Exchange, Iceland Stock Exchange, Tallinn Stock Exchange, Riga Stock Exchange and Vilnius Stock Exchange. OMX' integrated technology solutions cross the transaction chain enabling efficient securities transactions for over 60 exchange organizations in more than 50 countries. OMX is a Nordic Large Cap company in the Financial sector on the OMX Nordic Exchange. For more information, please visit www.omxgroup.com.
