Nasdaq's Listing Options

Industries, Segment and Indexes

Industries, Segment and Indexes


Classification Standard

Nasdaq use ICB (Industry Classification Benchmark) which is mantained by the FTSE Group.

Many companies generate income from different types of businesses. The ICB system takes into account the company's principal activity or the business area that generates the largest proportion of revenue for the company.

Industry classification provides a dynamic structure to benchmark share performance against others in your business. It puts your company in focus as professional investors follow the markets by industry. It also makes it possible to analyze where an industry stands in a broader context.

ICB is a widely used global standard for company classification, with four levels of granularity - industry, supersectors, sectors and subsectors. At the top level are these ten industries:

  • Oil& Gas
  • Basic Materials
  • Industrials
  • Consumer Services
  • Consumer Goods
  • Health Care, Financials
  • Technology
  • Telecommunications
  • Utilities


  • Large Cap – companies with a share value over EUR 1 billion
  • Mid Cap – companies with a share value exceeding EUR 150 million but not more than EUR 1 billion
  • Small Cap – companies with a share value up to EUR 150 million


Changes in The Segments

To keep the lists accurate, we review each segment at year-end and re-set the segments based on average market capitalization in November the year before. The change in the segments is updated on the first trading day in January each year.

Companies with a market cap value of more than 50 percent of the minimum or maximum threshold of a segment will be transferred into a new segment with immediate effect. Companies with a market cap value of less than 50 percent of the minimum or maximum segment threshold will have a transitional period until the next forthcoming review (or at least 12 months), and thus be subject to one more review before transferring into a new segment.

Through these measures, Nasdaq offers market cap classification structure in line with international standards while facilitating a model built to withstand strong market fluctuations and thus support financial stability for our listed companies.


Nasdaq is a leading global index provider with over 40,000 indexes across geographies and asset classes such as equities, fixed income and commodities. Our indexes are tracked by institutional and individual investors and media worldwide. The indexes are the basis of thousands of structured products, exchange-traded products, derivatives and other financial instruments which provide investing opportunities in index constituents. Read more >

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