Rules and Regulations

Common Nordic Rules

The Common Nordic Rules cover the framework for Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Stockholm and Nasdaq Clearing within the areas of listing (Issuers Rules), cash equity trading (Member Rules) and trading in derivatives (Rules and Regulations of Nasdaq Derivatives Markets). First North Rulebook is also a part of Common Nordic Rules.

Issuer Rules

Listing requirements are a vital part of a listing. There are requirements to become listed as well as ongoing requirements that need to be fulfilled while the company is listed. Disclosure rules regulate the procedures on when and how listed companies disclose information to the market. All information that is likely to materially influence the valuation of a listed company must be published in a way that ensures that it reaches all market participants simultaneously. The rules for issuers with regards to shares are in substance harmonized between all Nasdaq Nordic Exchanges, especially the listing requirement and disclosure rules.

Market Abuse Regulation

On 3 July 2016, the Market Abuse Regulation, MAR entered into force. MAR is a new EU-wide regime to prevent market abuse. MAR is a fundamental framework for the obligation of issuers to disclose insider information, something that has previously been governed by national law and exchange regulation. 

Q&A | MAR and the Duty to Disclose Inside Information 

MAR Update for Issuers

Member Rules

The Nasdaq Nordic Member Rules contain conditions for membership and rules for trading on the regulated markets operated by Nasdaq Nordic. The Nasdaq Nordic Member Rules are joint for each exchange within Nasdaq Nordic, i.e. the Nasdaq in Copenhagen, Helsinki, Iceland and Stockholm. Secondary trading is in addition offered on a trading list entailing specific shares listed on Oslo Exchange.

Effective Date
Nasdaq Nordic Member Rules version 3.8 
20 May 2019  
Nasdaq Helsinki Oy Arvopaperien kaupankäyntisäännöt 3.6 
24 Sep 2018 
Buy-in Procedure and Guideline 12 Sep 2016
Cancellation Guidelines Nasdaq  Nordic Member Rules
1 May 2019  
Upcoming version: Cancellation Guidelines Nasdaq  Nordic Member Rules
2 Sep 2019  
Reporting Guideline Fixed Income - Nasdaq Iceland

INET Nordic Market Model 2019:03

1 May 2019  

Upcoming version: INET Nordic Market Model 2019:04

2 Sep 2019  
Market Model Nasdaq Nordic Baltic Genium INET fixed income 5.310 Jun 2019 
Market Model for Fixed Income - Nasdaq Iceland 2019:0120 May 2019 

First North

First North is a Multilateral Trading Facility (MTF) as defined in the Markets in the Financial Instruments Directive (MiFID), regulating securities companies and exchanges in the European Union. Issuers on First North are subject to the rules of First North but not the requirements for admission to trading on a regulated market. 

The rules are the same in all First North markets, except for a few, smaller differences due to national law.

Effective Date

First North Rulebook

1 Jan 2019 

Upcoming version: First North Growth Market Rulebook

1 Sep 2019 

First North Trading List Rules
1 May 2011

First North Bond Market Rulebook

1 Jan 2019  

First North Iceland Fixed Income Rulebook
1 Jan 2019 
First North Bond Rulebook, Supplement Finland - Special regulations regarding multi-issuer instruments with a guarantor applying for admission to trading; First North Guarantor Bond Segment operated in Finland1 Jul 2014
Rules of Nasdaq First North Structured Leveraged Products1 Jul 2018
Rules of Nasdaq Nordic for Warrants & Certificates 1 Jul 2018
Nasdaq First North Q&A 25 Jun 2019


The Rules and Regulations of Nasdaq Derivatives Markets govern Nasdaq Stockholm's derivative exchange and Nasdaq Clearing’s central counterparty clearing activities. The Rules and Regulations of Nasdaq Derivatives Markets include, i.a, membership requirements and the trading rules and clearing rules applicable in Nasdaq Stockholm's and Nasdaq Clearing’s respective derivative operations. Clearing rules for Commodity derivatives can be found on the following link.
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For older rule or market model versions, please email
Zivilé Slavinskaité,
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