Nasdaq Baltic

What Nasdaq Baltic does

Nasdaq Baltic is the regional operating brand for Nasdaq, Inc.'s securities exchange business across the Baltic states, comprising three nationally regulated stock exchanges — Nasdaq Tallinn (Estonia), Nasdaq Riga (Latvia), and Nasdaq Vilnius (Lithuania) — together with Nasdaq CSD, a central securities depository providing clearing, settlement, and safekeeping services. Each national exchange is the sole regulated secondary securities market in its jurisdiction, licensed and supervised by the respective national financial authority (Estonian Financial Supervision Authority, Bank of Latvia, Bank of Lithuania). The platform runs on Nasdaq's global INET trading system for equities and the Nasdaq Fixed Income Trading System for fixed-income securities, with both markets (regulated Main/Secondary Lists and the First North Baltic MTF alternative market) accessible through a unified technology stack.

The product set spans listing services for issuers, primary and secondary trading of shares, bonds, and funds, market data subscriptions, the OMX Baltic index family (Benchmark, Baltic 10, All-Share), and First North Certified Adviser services. As of mid-2026, the Baltic Main List has 33 companies, the Secondary List 17, and the First North Share List 18, totaling 68 listed shares. Trading activity averages approximately 2,943 trades per day, ~615,000 shares per day, and ~EUR 1.31 million of daily turnover across the three exchanges, which together have 68 trading-member brokers.

Nasdaq Baltic earns revenue through transaction-based trading fees (0.035% of equity transaction value with a EUR 0.3 minimum and EUR 150 maximum for manual trades; 0.01% for debt instruments), monthly exchange membership fees (EUR 650 single / EUR 1,200 group), annual listing and issuer maintenance fees, First North Certified Adviser registration (EUR 4,000) plus annual fees, and market data services. The go-to-market is institutionally oriented: issuers are recruited for listings and IPOs, while broker-dealers are onboarded as exchange members to facilitate trading on behalf of institutional and retail investors. AS Rietumu Banka holds a 7.02% minority stake in Nasdaq Riga; the remainder of the regional operation is wholly owned by Nasdaq, Inc. (NDAQ).

Name

Nasdaq Baltic

Legal name

Nasdaq, Inc.

Website

https://nasdaqbaltic.com

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Nasdaq Baltic operates the sole regulated stock exchanges in Estonia, Latvia, and Lithuania, plus Nasdaq CSD, providing listing, trading, clearing, settlement, and securities custody infrastructure for issuers, broker members, and investors across the Baltic region.

Ownership category

akta.pro rank

Product category

Securities Exchange / Capital Markets Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

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

akta.pro primary industry

Multi-Asset Auction & Periodic Matching Platforms (FSAFAEAK)

akta.pro secondary industry

Market Surveillance & Trade Monitoring Platforms (FSAFAKAA)

Keywords

• Securities exchange operations
• Capital markets infrastructure
• Listing and trading services
• Central securities depository
• Market data services

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Trading Fees - Equities: Transaction fees based on trading value for equity securities: 0.035% with minimum 0.3 EUR for automatic matching and 0.035% (min 0.3 EUR, max 150 EUR) for manual trades.
2. Trading Fees - Debt Instruments: Transaction fees for debt instruments: 0.01% with minimum 0.3 EUR and maximum 30 EUR for both automatic and manual trades.
3. Exchange Membership Fees: Monthly membership fees: 650 EUR for single member, 1200 EUR for group. No fees for initial membership joining.
4. Listing and Issuer Fees: Fees charged to listed companies for securities listings, including annual maintenance fees and one-time listing fees.
5. First North Certified Adviser Fees: Registration fee of 4000 EUR for becoming a First North Certified Adviser, plus annual fee.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Nasdaq Baltic operates the regulated securities exchanges of Estonia, Latvia, and Lithuania (Nasdaq Tallinn, Nasdaq Riga, Nasdaq Vilnius) together with Nasdaq CSD, providing listing, trading, clearing, settlement, and custody services for shares, bonds, and funds. It runs the regulated market (Baltic Main List and Secondary List) and the First North Baltic alternative market / multilateral trading facility, supported by Nasdaq's INET equity trading technology and the Nasdaq Fixed Income Trading System.

Product overview

Nasdaq Baltic is a unified regional securities market consisting of three stock exchanges in Estonia (Nasdaq Tallinn), Latvia (Nasdaq Riga), and Lithuania (Nasdaq Vilnius), along with central securities depository Nasdaq CSD. The exchanges provide full capital market infrastructure across the value chain—from securities listing, trading, and market data to clearing, settlement, and safekeeping. The trading infrastructure uses Nasdaq's core INET trading system for equities and Nasdaq Fixed Income Trading System for fixed income securities. Nasdaq Baltic operates two market segments: the regulated market (Baltic Main List and Baltic Secondary List with 50 companies total) and First North Baltic MTF (multilateral trading facility) for growing companies. The market offers tradable assets including shares, bonds, and funds, along with market data services and a family of indices including OMX Baltic Benchmark, OMX Baltic 10, and OMX Baltic All-Share indices. The exchanges are supervised by their respective national authorities: Estonian Financial Supervision Authority, Bank of Latvia, and Bank of Lithuania.

Differentiator

Problem solved

Functional benefit

Brands

• First North Baltic: Multilateral trading facility (MTF) operated by Nasdaq Baltic exchanges, also known as an Alternative Market, for growing companies seeking capital access.

Products and services

• Nasdaq Tallinn Regulated secondary securities market in Estonia providing trading in equities, bonds, and funds for listed companies, exchange members, and investors.
• Nasdaq Riga Regulated secondary securities market in Latvia providing trading in equities, bonds, and funds for listed companies, exchange members, and investors.
• Nasdaq Vilnius Regulated secondary securities market in Lithuania providing trading in equities, bonds, and funds for listed companies, exchange members, and investors.
• First North Baltic (MTF) Alternative market / multilateral trading facility for growing companies seeking capital access with a simplified listing pathway, with companies advised by First North Certified Advisers.
• Nasdaq CSD Central securities depository providing clearing, settlement, and safekeeping services for securities across the Baltic markets.
• Market Data Service Subscription-based dissemination of real-time and historical securities prices, bid/ask orders, trading statistics, and index data across Nasdaq Baltic exchanges, available in packaged information services.
• OMX Baltic Benchmark Index Benchmark index (OMXBB - PI, GI, CAP) of the largest and most traded shares on the Nasdaq Baltic securities market, covering all sectors, rebalanced twice yearly.
• OMX Baltic 10 Index Tradeable index (OMXB10 - PI, GI) of the 10 most actively traded shares on Nasdaq Baltic, suitable for derivatives, with a maximum 15% weight per security.
• OMX Baltic All-Share Index Broad market index (OMXB - PI, GI) tracking all shares on the Baltic main and secondary lists, excluding companies where a sole owner controls 90% or more of shares.
• Exchange Membership Subscription-based exchange membership for banks and brokers to execute trades on behalf of investors via the INET trading system, with separate tiers for single and group members.
• Listing and Issuer Fees Annual maintenance fees and one-time listing fees paid by companies listed on the Baltic regulated market for inclusion in the trading venues.
• First North Certified Adviser Program Registration and annual program for law firms, audit firms, and investment banks to act as Certified Advisers guiding companies through the First North listing process.

Quantifiable outcome

• Baltic capital market reached record 2 billion EUR in 2025

Named customers9 records

Segments4 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered minor and core.

• United Nations (Gender Equality Initiative)minorOthersNasdaq joined the UN Women's Empowerment Principles initiative in March 2026, supporting gender equality in the workplace.
• First North Certified AdviserscoreStrategic or Co-development PartnerNetwork of certified advisers (law firms, audit firms, investment banks) that provide advisory services to companies listing on First North alternative market. Includes firms like COBALT, Ellex, Sorainen, Eversheds Sutherland, and others across Estonia, Latvia, and Lithuania.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Warsaw Stock Exchange (GPW): Main regulated exchange in Poland — the closest comparable Central/Eastern European regional exchange in terms of product mix (equities, bonds, derivatives, indices), issuer base, and member-driven B2B model. Both serve as primary listing venues for their national/regional economies.
• Prague Stock Exchange: A small EU member-state regulated market offering equities, bonds, and structured products — structurally similar to Nasdaq Baltic in terms of issuer base size, member structure, and reliance on a few dominant local brokers.
• Bucharest Stock Exchange (BVB): Romania's principal regulated exchange operating equities, bonds, and funds for a similarly-sized CEE economy. Comparable in scale of listed base, trading infrastructure, and reliance on a small set of broker members.
• Athens Stock Exchange (ATHEX): Small EU member-state regulated exchange with a similar issuer count and trading dynamics, also navigating competitive pressure from larger European venues. Comparable in market-structure economics and member-driven B2B model.
• Budapest Stock Exchange: Hungary's main regulated exchange, comparable in scale, exchange-member model, and product mix (equities, bonds, investment funds). Both serve as primary CEE capital-raising venues within the EU regulatory framework.

Broad incumbents

• Nasdaq Nordic (Copenhagen, Stockholm, Helsinki): Sibling Nasdaq Inc. venues that share INET technology and the same exchange operator DNA, but operate in deeper, more liquid Nordic markets. They represent both the most natural graduation destination for Baltic issuers and the most direct competitive threat for cross-border listings.
• Euronext: Pan-European exchange group operating multiple regulated markets across the EU; competes for cross-border listings and runs MTF platforms (e.g., Euronext Growth). Represents the dominant alternative venue for Baltic issuers seeking broader investor access.

Regional players

• Vienna Stock Exchange: Central European regional exchange that serves CEE/CEE-issuer cross-listings and operates a strong bond market segment. Competes with Nasdaq Baltic for CEE-domiciled bond and equity issuance from the wider region.

Others

• Nasdaq CSD: Wholly-owned subsidiary of Nasdaq Baltic providing clearing, settlement, and safekeeping services. Listed as a peer because it sits inside the same corporate boundary and represents the post-trade infrastructure component of the broader Nasdaq Baltic offering.

Emerging players

• Aquis Exchange: European MTF operator targeting smaller and growth-company listings — directly analogous to Nasdaq Baltic's First North MTF. Comparable in offering a lighter-regime alternative listing pathway for SMEs across Europe.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCONNkXzMBXciIlAIYVi3jYQ/videos
• Facebookfacebook.com/NASDAQVilnius

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 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 Nasdaq Baltic