NAVIGATING NORDIC CAPITAL MARKETS – part 1)WHERE HARMONISATION MEETS LOCAL EXPERTISE

Nordic Capital Markets: Distinct Strengths, Shared Momentum

The Nordics have long been admired for stability, innovation and strong governance. In 2026, that reputation endures. From a period of record-breaking IPO activity to a new generation of technology scale-ups, the Nordic model continues to blend competitiveness with responsibility, demonstrating that small, open economies can lead the way in innovation, resilience and long-term thinking.

Given the developments across Europe and the rest of the world when it comes to market structure standardisation and modernisation, the Nordic markets are keen to ensure that they keep pace with these changes and retain their competitive edge. 

The Nordic markets have many of the same priorities as their European peers: there’s a huge focus on improving efficiency, transitioning away from legacy infrastructure and modernising systems to enable them to support future market requirements. There’s also a significant regional focus on environmental, social and governance (ESG) topics, though the transposition and implementation of the revised Shareholder Rights Directive (SRD II) in the Nordic markets shows some room for improvement.

Harmonisation where it makes sense: One of the key goals is to make the region more attractive to foreign investors. The retention of attractive local differentiators from a tax or capital raising perspective remains a focus but greater standardisation and harmonisation with the EU can deliver benefits. One of the benefits of standardisation is the ability to industrialise processes across many markets and automate as many risky manual processes as possible.

Financial institutions are increasingly seeking to improve efficiency across their operations to reduce cost and risk. There are numerous areas in which automation can reduce manual process burdens across the trade lifecycle with a view to meeting the requirements of the shortening of the European settlement cycle in the future.

The ESG agenda has long been a focus in the region’s markets, with an emphasis on the ‘E’ and the ‘G’ especially. The region’s differentiation is very much tied to strength in these areas, and this means a continuing focus on shareholder support and engagement. Furthermore, postpandemic demand for digital and hybrid meetings in several of the Nordic markets is one step toward a more digitalised issuer to investor chain overall.

Evaluation of next generation technologies as there is a high degree of interest in the potential of technologies such as artificial intelligence (AI) to generate new revenue streams, reduce inefficiency and modernise the landscape.

More in detail. The first half of 2026 has solidified a defining trend in European capital markets: when global issuers, growth companies, and international debt allocators seek liquidity and resilience, Nasdaq’s Nordic exchanges answer the call. Notably, Nasdaq’s Nordic exchanges set a high bar on May 29, when on-exchange trading in stocks, ETFs, and ETPs reached EUR 12.2 billion in turnover—the highest single-day level in the past 20 years. The same day also set a record for auction trading, totaling EUR 9.32 billion, the highest ever recorded in a single day across Nasdaq’s European markets.

Andreas Näsvik, Partner and Head of Sweden of Voices of Nordic Capital, comments about  few trends shaping the region right now. Trends in the Nordics shaping investment and innovation | Nordic Capital

1. Global ambition built on Nordic innovation – The Nordics remain one of the world’s most powerful innovation ecosystems, and the question of how to maintain global technology leadership is heavily discussed across the region. Stockholm continues to rank among the top startup hubs in the world and stands second only to Silicon Valley in unicorns per capita.
   Deep engineering talent, strong industrial traditions and a sophisticated investment environment provide a strong foundation. At the same time, global competition for talent, capital and technology is intensifying. The central challenge is how the region can turn its innovation strength into sustained global market leadership.
2. Growth capital across private and public markets – The Nordic financial system benefits from strong domestic savings, broad retail participation and accessible equity markets. Listing activity regained momentum in 2025, demonstrating the region’s ability to scale high quality growth businesses.
   The observation that “Stockholm is Europe’s new capital of capital”, a line from The Economist, has stayed with us and reflects the region’s ability to connect entrepreneurial ambition with deep pools of investment capital.
3. Security, energy and strategic resilience
   Security has moved from a specialised policy discussion to a central economic priority. Investment in defence capability, supply chain strength and energy independence is now seen as essential for long term competitiveness. Resilience is increasingly viewed as both a societal priority and an opportunity to build new technology and industrial capacity.
4. Operational excellence as the primary value driver
   In a more disciplined investment environment and with more selective exit markets, companies are focusing on operational performance as the main source of value creation. Successful businesses in the current cycle are strengthening market positions through digitalisation, productivity improvements and structured transformation. The winners will be organisations that combine strong strategic positioning with execution at world class standards.
5. Sustainability through impact, innovation and real progress
   The Nordics are again refining how sustainability is pursued in practice. There is a growing focus on impact investing where capital is directed toward solutions that actively solve a wide range of challenges. Investment is increasingly flowing into technologies and business models that help decarbonise energy use, improve resource efficiency and accelerate transition in traditional industries undergoing change. The emphasis is on initiatives that deliver measurable, practical improvements rather than broad statements of intent.

SWEDEN: THE ENGINE OF EUROPEAN EQUITY AND DEBT

Stockholm continued its reign as the leading equity listing venue in the European Union for H1. Beyond equities, Stockholm has matured into a leading European venue for international capital through high-yield bonds and sovereign debt. The macroeconomic backdrop in Sweden has experienced a dramatic reversal. Following an era in which the Riksbank held interest rates near zero and suppressed trading by purchasing government bonds, the central bank has raised rates and wound down its holdings. Annual government bond issuance, which stood at SEK 45 billion in 2023, surged to SEK 118 billion in 2025 and is projected to exceed SEK 200 billion in both 2026 and 2027.

This surge in liquidity has propelled the broader fixed-income ecosystem. The Nordic high-yield market accounted for more than 17% of total European high-yield issuance volume relative to GDP, drawing major international issuers such as Germany’s DSI Holding and TIER Mobility to list their bonds on Nasdaq Stockholm.

FINLAND: DEFENSE AND TECHNOLOGY LEAD THE WAY

Finland’s listing activity in H1 2026 has been notable not only for its volume, four IPOs but also for the character of the companies coming to market.

Earlier in the year, Nasdaq Helsinki welcomed circular-economy company Lassila & Tikanoja and financial management platform Easor following partial demergers. In April, Auroora Group Plc, a Finnish compounder and industrial owner, entered the Main Market. At the same time, Savox Communications Plc, a Finnish provider of critical communications solutions for the defense and public safety sectors, announced plans for an IPO and listing on Nasdaq Helsinki, with trading on June 25.

Henrik Husman, President of Nasdaq Helsinki, described the first half of 2026 as a “defining chapter for Finland’s capital markets.” “We are seeing companies from across Finland’s innovation economy, from defense technology and critical communications to software and consulting, choosing to access public markets, and that diversity of sectors is a real sign of confidence,” Husman said. “Finland’s industrial base is strong, its companies are ambitious, and our role at Nasdaq Helsinki is to make sure the public markets are a natural part of their growth journey. The momentum we have seen in H1 gives us every reason for optimism heading into the second half of the year.”

The wave of Finnish defense and dual-use technology companies accessing public markets reflects both the geopolitical realities reshaping European industry and the growing maturity of Finland’s capital markets ecosystem.

NORWAY: EUROPE’S ENERGY AND MARITIME CAPITAL MARKETS HUB

Norway is arguably the Nordic market with the strongest sector specialization and one of the most active listing venues in Europe in 2026.

Norway has emerged as one of the most dynamic capital markets in Europe in 2026, combining strong IPO activity with deep expertise in energy, shipping, seafood and maritime industries. While Sweden remains the Nordic leader by number of listings, Norway has distinguished itself through the scale of capital raised and the international appeal of its market.

In the first half of 2026, Norway recorded seven IPOs and direct listings, generating approximately €620 million in proceeds—the highest amount raised among the Nordic countries. Major transactions included Capital Tankers, General Oceans and the spin-off listing of Kongsberg Maritime, which became one of the region’s largest new listings.

Oslo’s success is rooted in its highly specialised investor base. Euronext Oslo Børs has built a unique ecosystem around energy, offshore services, shipping and seafood, attracting companies that seek investors with deep sector knowledge rather than broad market exposure. Market participants increasingly view Oslo as Europe’s natural listing venue for companies operating in these industries.

DENMARK: BUILDING MOMENTUM

The Main Market in Copenhagen welcomed three new companies in rapid succession.

“The three listings we have seen on Nasdaq Copenhagen in recent weeks are significant and a fantastic result—not just as numbers, but as proof that the market works when quality companies step forward and investor appetite is there,” said Nikolaj Kosakewitsch, President of Nasdaq Copenhagen. Kosakewitsch noted, however, that structural changes are vital to sustaining this momentum. “We know what works—Sweden’s equity savings account model, a flat capital gains tax rate, and pension funds that actively invest in domestic growth companies have driven a very different trajectory in Stockholm. Denmark has the tools, the companies, and the investor base. What we need now is the political courage to use them.”

To build on these successes and strengthen the region as a unified economic powerhouse, Nasdaq joined forces with major corporations and foundations to launch Nordic Compass. Collectively representing the world’s 12th-largest economy, the initiative aims to increase competitiveness through cross-border harmonization.

Nasdaq is leading the Capital Markets workstream, one of the four core pillars alongside Deep Tech, Defense, and Energy. Adam Kostyál, President of Nasdaq Stockholm, emphasized the logic behind the initiative. “The Nordic markets are the most homogeneous markets in Europe,” Kostyál said. “We have the same banks, we have the same owners, private equity… from an international investor perspective, they are looking at all of the Nordic markets. We can do this. It’s in our own hands, and it’s ultimately in service to a stronger Europe.”

ABOUT NASDAQ NORDIC

According to Nasdaq’s current documentation, the structure is – Nasdaq Nordic = the Nordic markets:

Nasdaq itself currently describes the four Nordic exchanges separately from the three Baltic exchanges. There is one additional wrinkle: Nasdaq Oslo is also operated by Nasdaq today, but Nasdaq’s documentation treats Oslo separately in some contexts, while its Nordic business-continuity documentation includes Nasdaq Oslo ASA within the broader “Nasdaq Nordic” organization.

Nordic regional stock indices, the important ones are:

There is a very important distinction. OMX Nordic 40 does NOT include Norway. Its methodology explicitly says its constituents come from Copenhagen, Helsinki, Iceland and Stockholm. But OMX Nordic 120 DOES include Oslo. Nasdaq says its 120-stock universe is drawn from Copenhagen, Helsinki, Stockholm and Oslo.

Nasdaq Nordic operates markets with large-cap, mid-cap, and small-cap companies.

• Large cap: Nasdaq Nordic Large Cap
• Mid cap: Nasdaq Nordic Mid Cap
• Small cap: Nasdaq Nordic Small Cap
• OMX Nordic 40: large, highly traded Nordic companies
• OMX Nordic 120: large and mid-sized companies across the Nordic region
• Nasdaq Oslo / OBX: includes some of Norway’s largest companies.