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Nasdaq Iceland

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Nasdaq Iceland
TypeStock exchange
LocationReykjavík, Iceland
Coordinates64°08′23″N 21°53′40″W / 64.139601°N 21.894336°W / 64.139601; -21.894336
Founded1985
OwnerNasdaq Nordic
Key peopleMagnús Harðarson (President)
CurrencyIcelandic króna (ISK)
No. of listings28 (as of March 2025)
IndicesOMXI15
OMXIPI
WebsiteOfficial website
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Stock exchanges (listing venues) owned by Nasdaq, Inc.

The Nasdaq Iceland, formerly known as the Iceland Stock Exchange (ICEX) (Icelandic: Kauphöll Íslands [ˈkʰœypˌhœtl ˈistlan(t)s]), is a stock exchange for Icelandic bonds and equities. Companies in sectors such as retail, fishing, transportation, banking and real estate are listed on the exchange. Because of the small size of the Icelandic economy many of the stocks traded on Nasdaq Iceland are relatively small and illiquid.[1][2]

History

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The Iceland Stock Exchange (ICEX) was established in 1985 as a joint venture of several banks and brokerage firms on the initiative of the Central Bank of Iceland.[3] Trading began in 1986 in Icelandic government bonds with the central bank as the market maker.[4] The first electronic trading system was launched in 1989 and trading in the first equities started in 1991. Equities trading increased rapidly thereafter and in 1999 there were 75 listed companies on the stock exchange (51 on the main list and 24 on the growth list).[5]

A new law passed by the Icelandic parliament in 1998 required ICEX to be changed into a limited company with shareholders on 1 January 1999. It was later placed in a holding company, Eignarhaldsfélagið Verðbréfaþing hf. Among the shareholders were financial institutions, listed companies, pension funds and the Central Bank of Iceland.[3]

In 2000, the Iceland Stock Exchange joined NOREX (Nordic exchanges' cooperation framework) and the common trading system SAXESS was implemented. This reduced the isolation of the Icelandic market and increased the liquidity.[4]

Through a collaboration with the Faroese Securities Market (VMF), Faroese bonds were listed on ICEX in 2003 and in June 2005, Atlantic Petroleum became the first Faroese company listed on the exchange.[6] Nowadays, most Faroese companies are listed on Nasdaq Copenhagen and there are no longer any Faroese companies left on the Icelandic stock exchange.[7]

In 2006, OMX acquired ICEX and the name was changed to OMX Iceland.[8] Following Nasdaq's acquisition of OMX in 2007,[9] the name was changed again, first to Nasdaq OMX Iceland and later to just Nasdaq Iceland.[10] In 2010, the trading system was also changed to Nasdaq's trading system, INET.[11]

In the mid-2000s, the banking sector made up an increasingly large part of the Icelandic stock market. In June 2008, six banks (Kaupthing Bank, Landsbanki, Glitnir, Straumur Investment Bank, Exista and Spron) accounted for 87% of the weight of the OMXI15 index.[12] As a consequence, the stock market collapsed during the Icelandic financial crisis in 2008. Kaupthing, Landsbanki and Glitnir were taken under state control by the Financial Supervisory Authority (FME) and trading in the stock market was suspended for three successive trading days on 9, 10 and 13 October.[13][14] When trading resumed on 14 October 2008, the OMXI15 index closed down 77% compared with the closing level on 8 October 2008,[15] while the broader OMXIPI index was down 67%.[16]

By the end of 2007, the total market value of the listed shares on Nasdaq Iceland was 2,570 billion ISK. By the end of 2009, that number had dropped to just 208 billion ISK and only 10 companies remained listed on the Nasdaq Iceland main list. The liquidity had also dried up and the turnover went from 3,122 billion ISK in 2007 to just over 50 billion ISK in 2009.[17] In the 2010s, the turnover and the number of listed companies on Nasdaq Iceland increased again. In 2021, the turnover exceeded 1,000 billion ISK for the first time since the financial crisis and the number of companies on the main list had doubled to 20.[18][19]

Listed companies

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As of 18 March 2025, the following 28 stocks are listed on the Nasdaq Iceland main market.[7]

Company Symbol GICS sector
Alvotech ALVO Health Care
Amaroq Minerals AMRQ Materials
Arion Bank ARION Financials
Brim BRIM Consumer Staples
Eik Fasteignafélag EIK Real Estate
Eimskipafélag Íslands EIM Industrials
Festi FESTI Consumer Discretionary
Fly Play PLAY Industrials
Hagar HAGA Consumer Staples
Hampiðjan HAMP Consumer Discretionary
Heimar HEIMAR Real Estate
Iceland Seafood International ICESEA Consumer Staples
Icelandair Group ICEAIR Industrials
Ísfélag ISF Consumer Staples
Íslandsbanki ISB Financials
JBT Marel JBTM Industrials
Kaldalón KALD Real Estate
Kvika Banki KVIKA Financials
Nova Klúbburinn NOVA Communication Services
Oculis [is] OCS Health Care
Ölgerðin Egill Skallagrímsson OLGERD Consumer Staples
Reitir Fasteignafélag [is] REITIR Real Estate
Síldarvinnslan SVN Consumer Staples
Síminn SIMINN Communication Services
Sjóvá-Almennar Tryggingar [is] SJOVA Financials
Skagi SKAGI Financials
Skel Fjárfestingafélag SKEL Energy
Sýn SYN Communication Services

See also

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References

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  1. ^ "NASDAQ OMX Iceland All-Share PR ISK (OMXIPI) Portfolio". morningstar.com. Retrieved 18 March 2025.
  2. ^ "OMX Iceland All-Share PI (OMXIPI) Summary". nasdaq.com. Retrieved 18 March 2025.
  3. ^ a b "The Iceland Stock Exchange". icelandexport.is. Retrieved 18 March 2025.
  4. ^ a b "Development of the Icelandic bond market". cb.is. The Central Bank of Iceland. Archived from the original on 14 March 2025. Retrieved 18 March 2025.
  5. ^ Guðjónsdóttir, Elín (16 August 2000). "The Icelandic equity market" (PDF). cb.is. The Central Bank of Iceland. Retrieved 18 March 2025.
  6. ^ "VMF: Time for Take-Off" (PDF). faroebusinessreport.com. Retrieved 18 March 2025.
  7. ^ a b "Nasdaq European Market Overview". nasdaq.com. Retrieved 18 March 2025.
  8. ^ "Iceland Stock Exchange to join the OMX Nordic Exchange". nasdaq.com. 19 September 2006. Archived from the original on 5 February 2023. Retrieved 18 March 2025.
  9. ^ "Nasdaq buys Nordic stock exchange for $3.7Bsd". nbcnews.com. 25 May 2007. Archived from the original on 22 January 2021. Retrieved 18 March 2025.
  10. ^ "Nasdaq drops OMX name from branding". thetradenews.com. 30 October 2014. Archived from the original on 12 November 2024. Retrieved 18 March 2025.
  11. ^ "NASDAQ OMX Launches INET Trading System Across Its Seven Markets in the Nordics and Baltics". nasdaq.com. 8 February 2010. Archived from the original on 18 November 2024. Retrieved 18 March 2025.
  12. ^ "Definitive list of constituents in OMXI15 index". omxgroup.com. 30 June 2008. Archived from the original on 7 February 2016. Retrieved 18 March 2025.
  13. ^ "Adjustment of Kaupthing Bank, Glitnir and Landsbanki in Icelandic indices". globenewswire.com. 13 October 2008. Archived from the original on 18 March 2025. Retrieved 18 March 2025.
  14. ^ "Iceland markets plummet". theguardian.com. 14 October 2008. Archived from the original on 25 December 2024. Retrieved 18 March 2025.
  15. ^ "Icelandic stock market crashes on reopening". independent.co.uk. 15 October 2008. Archived from the original on 23 December 2008. Retrieved 18 March 2025.
  16. ^ "OMX Iceland All-Share Performance & Quotes". marketscreener.com. Retrieved 18 March 2025.
  17. ^ "Financial Stability 2010-2" (PDF). cb.is. The Central Bank of Iceland. 25 November 2010. pp. 8–9. Retrieved 18 March 2025.
  18. ^ "Economic Indicators: Chapter VI Asset markets" (XLSX). cb.is. The Central Bank of Iceland. 20 December 2024. p. 14. Retrieved 18 March 2025.
  19. ^ "Companies listed on Nasdaq Iceland". nasdaqomxnordic.com. Archived from the original on 19 September 2021. Retrieved 18 March 2025.
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