Spotlight Stock Market

What Spotlight Stock Market does

Spotlight Stock Market AB is a Swedish multilateral trading venue (MTF) authorized and licensed by the Swedish Financial Supervisory Authority (Finansinspektionen, license number 35373), headquartered in Stockholm. Founded in 1997 (originally as AktieTorget), the exchange provides a regulated public market for Nordic growth companies to access capital, gain visibility, and use shares as acquisition currency. It currently hosts approximately 140 listed companies and 82 exchange-traded products (ETPs), with over 300 companies listed cumulatively since inception. The platform operates across Sweden, Denmark, Norway, and Finland and supports multiple listing pathways: the core Spotlight segment, the premium Spotlight Select tier (requiring SEK 150M+ market cap, 25% free float, and IFRS reporting), Spotlight Value (for profitable, dividend-paying companies), and RTO Listing (reverse-takeover shells for fast public market access).

The underlying technology stack is built on Nasdaq INET Nordic trading infrastructure, using standard Nasdaq protocols (OUCH with XSAT MIC code) for inbound and outbound messaging, with market data distributed via INET ITCH TCP and multicast feeds. Clearing is handled through interoperating CCPs Cboe Clear Europe N.V. and SIX x-clear Ltd. Spotlight augments the core trading venue with an integrated value-added services ecosystem for issuers, including Cision press release distribution, Finwire news agency coverage syndicated to Dagens Industri, Placera, Nordnet, and EFN, Affärsvärlden analyst research, Modular Finance ownership data, and MCLogg insider-log compliance tooling. A regulatory expert is assigned to each issuer during its first year of listing.

Spotlight monetizes through four primary revenue streams: one-time initial listing fees (the listing process typically takes 4–6 months), recurring annual listing fees for continued listing and visibility services, ETP issuer fees from crypto and structured product issuers, and transaction-based trading fees from trading members. Go-to-market combines direct outreach, financial advisor referrals, and inbound interest, with a dedicated sales team (Head of Sales Thomas Gidlund) and Head of Listings (Oskar Wollert). The exchange is a wholly-owned subsidiary of Spotlight Group AB, the parent holding entity, and is led by CEO Peter Gönczi, who has held the role since 2011 and also serves as CEO of Spotlight Group.

Name

Spotlight Stock Market

Legal name

Spotlight Stock Market AB

Website

https://spotlightstockmarket.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Spotlight Stock Market AB is a Stockholm-based multilateral trading venue licensed by the Swedish Financial Supervisory Authority, providing listing, trading, and visibility services to approximately 140 Nordic growth companies and 82 ETPs via Nasdaq INET Nordic infrastructure.

Ownership category

akta.pro rank

Product category

Stock Exchange / Multilateral Trading Facility

NAICS

Securities and Commodity Exchanges (52321)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Multi-Asset Alternative Trading Systems (ATS) / Multilateral Trading Facilities (MTF) (FSAFAEAC)

akta.pro secondary industries

Primary Listing Stock Exchanges (FSAFAAAA), Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Multilateral trading venue
• Stock exchange listing
• Growth company listings
• Exchange traded products
• Nordic capital markets

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Listing fees: Companies pay fees for initial listing on Spotlight Stock Market. The listing process typically takes 4-6 months.
2. Annual listing fees: Listed companies pay ongoing annual fees for continued listing, visibility services, and regulatory support.
3. ETP Issuer fees: ETP issuers pay fees for listing exchange-traded products on Spotlight Stock Market.
4. Trading fees: Revenue generated from trading activities on the platform through trading members.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels8 records

Core offering

Spotlight Stock Market operates a multilateral trading venue (MTF) that enables Nordic growth companies to access public capital markets through listing and trading of shares. The venue offers multiple listing pathways (standard, Spotlight Select for higher-governance issuers, Spotlight Value for dividend-paying companies, and RTO shells) plus a regulated platform for Exchange Traded Products (ETPs), with all trading executed via the Nasdaq INET Nordic system. Standard services for every listed company include a regulatory advisor for the first year, press release distribution, news wire coverage, analyst reports, and a dedicated IR page.

Product overview

Spotlight Stock Market operates a multilateral trading venue (MTF) for growth companies in the Nordic region, founded in 1997 and headquartered in Stockholm. The platform offers multiple listing pathways: the core Spotlight Stock Market for standard listings, Spotlight Select for premium companies meeting higher governance standards (IFRS reporting, >SEK 150M market cap), Spotlight Value for profit-generating companies with dividend history, and RTO Listing for private companies seeking rapid public market access via pre-formed shells. All listed companies receive a standard Visibility Package including Cision press release distribution, Finwire news agency coverage, Affärsvärlden analyst reports, and dedicated investor relations pages, with regulatory guidance during the first year. The Increased Visibility Package provides supplementary marketing for capital raising events. Additionally, Spotlight supports ETP (Exchange Traded Products) issuance for cryptocurrency and digital asset products, with CCP clearing for major crypto assets. Trading is conducted via Nasdaq INET Nordic infrastructure with clearing through Cboe Clear Europe and SIX x-clear.

Differentiator

Problem solved

Functional benefit

Brands

• Spotlight Select: A dedicated segment for companies meeting higher standards of transparency, corporate governance and financial reporting, requiring market cap over SEK 150 million and IFRS compliance.
• Spotlight Value
• RTO Listing

Products and services

• Spotlight Stock Market (Standard Listing) Core multilateral trading venue (MTF) authorized by the Swedish Financial Supervisory Authority, providing a regulated marketplace where Nordic growth companies can list and trade shares via the Nasdaq INET Nordic trading system with CCP clearing.
• Spotlight Select Premium listing segment for companies meeting higher standards of transparency, corporate governance and financial reporting, requiring market cap over SEK 150 million, 25% free float, IFRS reporting, and compliance with the Swedish Corporate Governance Code. Eligible companies receive additional visibility through research reports, video interviews, and capital markets days.
• Spotlight Value Listing segment for companies that have demonstrated results, growth, and dividends over time. Companies must meet criteria including net profit in each of the past three years, positive compound annual growth in net revenue, positive revenue growth in two of three years, and dividend payments in two of three years.
• RTO Listing Reverse Takeover listing product providing clean, pre-formed listed shell companies for private companies to acquire and go public quickly and cost-effectively. RTO entities must include 'RTO' designation, maintain cash position for minimum 18 months, provide quarterly reports, and have three board members.
• ETP Issuance Listing service for issuers of Exchange Traded Products (ETPs) covering cryptocurrency and digital-asset products, tracker certificates, and leveraged products. Issuers must comply with Spotlight's rules for ETPs and, where required, obtain Financial Supervisory Authority prospectus approval; CCP clearing is supported for major crypto ETPs.
• Visibility Package Standard service bundle provided to every listed company: Cision press release distribution, Finwire news agency coverage, Affärsvärlden analyst reports, a dedicated IR page on the Spotlight website, and a regulatory expert assigned during the first year to guide companies through listing rules and market practice.
• Increased Visibility Package Supplementary visibility service for listed companies running capital-raising events (rights issues, IPOs): includes a landing page for the offering, editorial article production, video recording via Finwire, and news distribution to Dagens Industri, Placera, Nordnet, and EFN. Made available to approximately 10,000 registered investors at no additional cost.
• Large Digital Assets (LDA) Trading Trading service for large digital asset tracker certificates (Bitcoin, Ethereum, XRP, BNB, Solana, Cardano, Toncoin) with specific trading fee structures designated 'SPSE Certificates LDA' in the INET List. Excludes meme coins, privacy coins, baskets, combinations, and leveraged products.

Named customers7 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Partnerships

Seven partnerships are on record, tiered core, major and minor.

• Nasdaq NordiccoreTechnology or IntegrationSpotlight uses Nasdaq INET Nordic trading system for all trading operations. Nasdaq provides technical and operational services including market data infrastructure. This is not a formal partnership but a service relationship where Spotlight operates its MTF using Nasdaq's technical infrastructure.
• FinwirecoreGTM or Marketing PartnerFinwire produces news articles about Spotlight-listed companies, distributed to platforms including Dagens industri (DI.se), Placera (Avanza), Nordnet, and EFN. Spotlight has commissioned Finwire to monitor all listed companies and write news texts.
• CisioncoreGTM or Marketing PartnerCision provides press release distribution services for Spotlight-listed companies, enabling news distribution through their investor relations network.
• AffärsvärldenmajorGTM or Marketing PartnerAffärsvärlden provides analyst coverage and research reports for listed companies on Spotlight, offering independent analysis to investors.
• Nordic IssuingminorStrategic or Co-development PartnerNordic Issuing is another company within Spotlight Group AB. The group companies may work with companies listed on Spotlight Stock Market or seeking listing, including issuing advice.
• Cboe Clear Europe N.V. (MCF)coreOthersCentral counterparty clearing provider for Spotlight shares traded on INET Nordic system.
• SIX x-clear Ltd (XCLR)coreOthersCentral counterparty clearing provider for Spotlight shares traded on INET Nordic system.

Scale indicators5 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Euronext Growth: Pan-European growth-company MTF network operated by Euronext, providing listing services similar to Spotlight Select and Spotlight Value but across multiple European jurisdictions.
• Nordic Growth Market (NGM): Swedish equity marketplace operated as an MTF focused on Nordic growth companies. Closely comparable to Spotlight as both venues target Nordic small-caps with similar listing services and growth-company positioning.
• Nasdaq First North: Nasdaq's pan-Nordic growth-company market with the same MTF model and similar target issuers. Direct competitor to Spotlight's core offering, though backed by Nasdaq's larger infrastructure and broader investor reach.
• AIM (London Stock Exchange): London Stock Exchange's growth-company market, established as the international benchmark for junior listings. Comparable business model (listing fees, ongoing fees, trading) targeting smaller and growth-stage issuers.
• Frankfurt Scale (Deutsche Börse): Deutsche Börse's segment for European growth companies, offering a regulated MTF-style marketplace. Comparable as a regional growth-company listing venue with tiered admission requirements and visibility services.

Broad incumbents

• Nasdaq Stockholm Main Market: The primary Nasdaq-regulated market in Sweden for established companies. Acts both as a competitor for maturing Spotlight issuers and as the infrastructure partner via Nasdaq INET Nordic.
• Oslo Børs (Euronext Oslo): Norway's main regulated exchange, operated by Euronext. Comparable as a Nordic primary listing venue where Spotlight-listed companies may graduate or migrate, and serves similar Nordic retail/institutional flow.
• Cboe Europe Equities: Pan-European equities exchange and primary-market venue. Comparable as a regulated exchange operator providing trading infrastructure, with CCP services supplied to Spotlight via Cboe Clear Europe.

Others

• Spotlight Group AB (parent): Publicly listed Swedish holding company that owns Spotlight Stock Market alongside related services such as Nordic Issuing. While not a peer in the trading-venue sense, it is the listed parent through which Spotlight exposure can be accessed.
• Valour Inc. Issuer of crypto and digital-asset ETPs that has launched more than 100 products on Spotlight Stock Market. Closely tied as a key ETP issuer customer driving Spotlight's growing ETP revenue line.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCBK13w3_kgokwL3h80kLHYA
• Facebookfacebook.com/SpotlightStockMarket
• LinkedInlinkedin.com/company/spotlightstockmarket

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Spotlight Stock Market