Nordic Growth Market

Name

Nordic Growth Market

Legal name

Nordic Growth Market NGM Aktiebolag

Website

https://ngm.se

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Stock Exchange Services

NAICS

Securities and Commodity Exchanges (523210)

SIC

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

akta.pro primary industry

Equities Trade Execution Platforms (ATS/MTF/ECN) (FSAFANAA)

Keywords

• Stock exchange services
• Exchange-traded products
• Market data licensing
• SME listing services
• Trading platform infrastructure

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Listing Fees: Revenue generated from companies listing on the exchange across different market segments (Main Market, Growth Market, Nordic MTF). Includes fees for initial listing, ongoing listing maintenance, and listing-related services.
2. Trading Commissions: Revenue from trading activity on the exchange platform, including transaction fees and trading-related services across equities, bonds, AIFs, derivatives, and ETPs.
3. Market Data Licensing: Revenue from licensing market data to vendors and direct customers, governed by Market Data Policy with licensing categories, permitted usage, and redistribution rights. Includes real-time, delayed, and historical data products.
4. Membership Fees: Fees from authorized trading members including Swedish and European banks and investment firms that connect to the trading infrastructure. Members must meet regulatory and operational standards.
5. Revenue Share with Listed Companies: NGM shares trading revenue with listed companies - first exchange globally to launch a revenue-sharing model in 2014. Revenue can be used to increase visibility, develop business, and expand faster.

Pricing tiers

Go-to-market motion2 records

Distribution channels8 records

Marketing channels8 records

Core offering

Nordic Growth Market (NGM) operates a multi-segment Nordic stock exchange providing regulated listing and electronic trading of equities, bonds, alternative investment funds (AIFs), derivatives and exchange-traded products across the NGM Main Market, NGM Growth Market and Nordic MTF. Trading is powered by the proprietary Elasticia platform, and the exchange additionally delivers market data licensing, a revenue-sharing model for listed companies, the NGM Reach dual-listing gateway with Boerse Stuttgart, and extended-hours ETP trading until 22:00 CET.

Product overview

Nordic Growth Market (NGM) operates as a multi-segment stock exchange offering trading and listing services across three market segments: NGM Main Market (regulated), NGM Growth Market (for SMEs), and Nordic MTF (for exchange-traded products). The core product is the proprietary Elasticia trading platform, which powers all markets and supports FIX 5.0, FAST, and REST API protocols. NGM offers trading in over 60,000 financial instruments including equities, bonds, AIFs, derivatives, and a comprehensive ETP suite comprising Bull/Bear Certificates, Mini Futures, Unlimited Turbos, Trackers, Warrants, and Turbo Warrants. Additional services include the NGM Data API for market data access, NGM Reach for dual listing with Boerse Stuttgart, and the Nordic Investment Competition for investor education. The exchange operates extended trading hours until 22:00 CET and was the first globally to launch a revenue-sharing model with listed companies.

Differentiator

Problem solved

Functional benefit

Brands

• NGM Main Market: A regulated market for listing and trading of equities, alternative investment funds, bonds, structured products and exchange traded funds.
• NGM Growth Market
• Nordic MTF
• Elasticia
• Nordic Investment Competition

Products and services

• Elasticia Trading Platform Proprietary electronic trading platform that combines low-latency matching, multi-site replication and automatic failover to support high-throughput trading of equities, bonds, AIFs, derivatives and ETPs across NGM's venues.
• NGM Main Market Regulated market offering listing and trading of equities, alternative investment funds, bonds, structured products and exchange-traded funds for companies seeking a fully authorized venue.
• NGM Growth Market Dedicated growth market for small and medium-sized enterprises to list and trade shares, with a lighter regulatory regime than the Main Market and a focus on capital access for Nordic growth companies.
• Nordic MTF Multilateral trading facility for the listing and trading of exchange-traded products (bull/bear certificates, warrants, mini futures), structured products, bonds and exchange-traded funds.
• NGM Reach (Dual Listing) Service enabling companies listed on NGM to be simultaneously listed on Boerse Stuttgart in Germany, giving them access to the European capital market and base liquidity support in the order book.
• Exchange-Traded Products (ETPs) on NGM The full ETP product class traded on the Nordic MTF, encompassing bull/bear certificates, mini futures, unlimited turbos, trackers, warrants and turbo warrants, available to retail and institutional investors during extended hours.
• Bull/Bear Certificates Leverage certificates providing fixed daily leverage on single stocks, indices or commodities, designed for retail investors trading on the NGM ETP segments.
• Mini Futures Leveraged products offering amplified exposure to an underlying asset with a built-in stop-loss level, traded on the NGM ETP segments.
• Unlimited Turbos Leveraged products delivering amplified exposure to an underlying asset without a stop-loss, traded on the NGM ETP segments.
• Trackers Tracker certificates that allow investors to access otherwise hard-to-reach markets through a regular stock account, functioning as bank-issued ETF-like instruments.
• Warrants Plain vanilla derivatives giving investors the right to buy or sell an underlying asset at a predetermined strike price before expiration, traded on NGM's ETP segments.
• Turbo Warrants Warrants with an embedded knock-out level that causes expiration if the underlying reaches that level, traded on NGM's ETP segments.
• NGM Data API HTTP-based market data service providing direct access to Level 1 prices, latest trades, closing prices, turnover summaries, instrument details, listing information and corporate actions from the NGM exchanges.
• Nordic Investment Competition Annual trading competition for Nordic retail investors offering hands-on experience with virtual capital in ETPs and equities, designed as an investor-education and engagement programme.

Quantifiable outcome

• 60,000+ financial instruments listed
• +3 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration30 records

Feature5 records

Partnerships

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

• Boerse Stuttgart GroupcoreStrategic or Co-development Partner · 1 January 2008Boerse Stuttgart Group acquired NGM in 2008, becoming Europe's sixth-largest exchange group. Provides NGM with European capital market access through NGM Reach dual listing capability, base liquidity support for listed companies, and operational strength across Germany, Sweden, and Switzerland.
• Boerse StuttgartcoreStrategic or Co-development PartnerBoerse Stuttgart provides NGM Reach dual listing opportunity, enabling parallel listing at Boerse Stuttgart for European capital market access. Also provides base liquidity support ensuring buy and sell prices in order books.
• ABG Sundal Collier ASAmajorChannel Partner/ Reseller/ DistributorNorwegian investment bank operating as authorized trading member on NGM, providing access to NGM markets for institutional and retail clients.
• Avanza Bank ABmajorChannel Partner/ Reseller/ DistributorSwedish online brokerage operating as trading member, providing retail investor access to NGM listed instruments.
• BNP Paribas Financial MarketsmajorChannel Partner/ Reseller/ DistributorMajor French banking group operating as trading member and ETP issuer on NGM.
• Morgan StanleymajorChannel Partner/ Reseller/ DistributorUS global investment bank operating as trading member and ETP issuer on NGM.
• Société GénéralemajorChannel Partner/ Reseller/ DistributorFrench banking group operating as trading member and ETP issuer (SG Issuer) on NGM.
• VontobelmajorChannel Partner/ Reseller/ DistributorSwiss private bank operating as trading member and ETP issuer (Vontobel Financial Products GmbH) on NGM.
• Nordic Investment Competition PartnersminorGTM or Marketing PartnerAnnual investor education competition engaging retail investors across Nordic countries. Includes finfluencers and well-known profiles competing alongside regular participants.
• Elasticia Technology PartnersmajorTechnology or IntegrationSystem and service providers approved for access to Elasticia trading platform including CATS, Exegy, FIS Global, Infront, tick-TS, Tieto, LeanOn, Broadridge, ION Group (Fidessa).

Scale indicators5 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• London Stock Exchange Group: Major global exchange operator with deep Nordic distribution via Refinitiv and Turquoise, competing for institutional trading flow and ETP listings.
• Euronext: Largest European exchange group operating regulated markets across multiple countries; competes with NGM for cross-Nordic listings and offers alternative venues for European retail flow.
• Deutsche Börse: Major European exchange and market infrastructure operator (Xetra, Frankfurt) competing for Nordic ETP issuance and pan-European trading volumes.
• Boerse Stuttgart: NGM's parent company and Germany's leading retail exchange, particularly strong in ETP and structured products; the partner behind NGM Reach dual listing.

Emerging players

• Aquis Exchange: Pan-European exchange focused on growth companies and secondary trading, competing for the same SME issuer and retail-investor segments as NGM.

Direct peers

• BX Swiss: Sister company under Boerse Stuttgart Group operating a Swiss exchange on the same Elasticia platform; shares NGM's technology, infrastructure, and strategic roadmap.
• Cboe Europe: Pan-European exchange and MTF operator competing for Nordic equity and ETP trading flow, with overlapping institutional and retail broker connectivity.
• Oslo Børs (Euronext Oslo): Norwegian regulated exchange part of Euronext, serving the same Nordic retail-investor base and competing for Norwegian issuer listings and ETP distribution.
• Spotlight Stock Market: Swedish exchange operator focused on SME and growth-company listings, directly competing with NGM Growth Market for Nordic SME IPOs and list-switches.
• Nasdaq Stockholm (incl. First North): The dominant Nordic exchange group operating regulated markets and First North, the leading growth-company venue in the Nordics — NGM's primary competitor for listings and equity trading volume.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/ngmexchange
• LinkedInlinkedin.com/company/nordic-growth-market/posts/?feedView=all

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 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 Nordic Growth Market