Nordic Growth Market Holding, which operates the second largest exchange in Sweden for share dealing, has announced plans to open a new list for electronic trading in unquoted companies - the Nordic OTC Stock Exchange.
The new OTC exchange will be pitched at small and medium-sized growth companies wishing to have exposure in and access to the Nordic venture capital market. It is expected to open in the autumn.
Ulf Cederin, president of Nordic Growth Market Holding, comments: "This is a step towards the consolidation of our Nordic platform and the first venture in an independent OTC exchange for growth companies in the Nordic market."
He says the exchange will also be open to companies from other countries.
The new platform will use the Tellus trading system already deployed by Nordic Growth Market and developed by Univits International.
"Initially we anticipate that there will be about fifty quoted companies, although there are several hundred companies whose shares are traded outside the national stock exchanges and authorised marketplaces. The requirement of the provision of straightforward information, combined with greater transparency, will be of benefit to shareholders, the listed companies and the market as a whole," says Cederin.