Iceland Stock Exchange

NASDAQ OMX Iceland
Kauphöll Íslands
Type	Stock Exchange
Location	Reykjavík, Iceland
Founded	1985
Owner	NASDAQ OMX
Key people	Páll Harðarson (President)
Currency	ISK
No. of listings	11
Indexes	OMXI6 OMX Iceland All-Share
Website	www.nasdaqomx.com

NASDAQ OMX Iceland (Icelandic: Kauphöll Íslands) or ICEX was established in 1985 as a joint venture of several banks and brokerage firms on the initiative of the central bank. Trading began in 1986 in Icelandic government bonds, and trading in equities began in 1990. Equities trading increased rapidly thereafter. A wide variety of firms are currently listed on the exchange, including firms in retail, fishing, transportation, banks, insurance and numerous other areas. Because of the small size of the Icelandic economy and the low cost of public listing, many of the companies traded on the ICEX are relatively small and are relatively illiquid.

All domestic trading of Icelandic bonds, equities and mutual funds takes place on the ICEX. Bonds and equities are regularly traded, though the liquidity is small in comparison with other exchanges. No mutual funds are currently listed on the market. Since its founding, the ICEX has used various electronic systems. Since 2000, it has used the SAXESS system of the NOREX alliance, which allows for the cross-listing of stocks on Nordic stock exchanges. No foreign company lists directly on the ICEX, as the small size and illiquidity of the market makes such a move redundant. Conversely, few Icelandic firms have listed abroad, including DeCODE. Faroese bonds were listed on behalf of Virðisbrævamarknaður Føroya in November 2003, and since December 2007 four Faroese equities have been listed on the OMX Nordic Exchange in Iceland.

Since 1 January 1999, the ICEX has operated as a private company, owned by the listed companies (29%), member firms (29%), the Central Bank of Iceland (16%), pension funds (13%) and the Association of Small Investors (13%).

Páll Harðarson is the current president of the stock exchange. ICEX agreed to be taken over by larger rival OMX Nordic Exchange on 19 September 2006.^[1]

On 6 October 2008, the Icelandic Financial Supervisory Authority decided to temporarily suspend trading on regulated market financial instruments issued by Glitnir, Kaupthing Bank, Landsbanki, Straumur Investment Bank, Spron and Exista.^[2] When the exchange reopened on 14 October, the stock index fell by 76%.^[3]

See also

• List of European stock exchanges
• List of companies listed on the Iceland Stock Exchange

External links

• Official website (Icelandic)
• Official website (English)

References

1. ^ Nasdaq Omx
2. ^ The Financial Supervisory Authority - Iceland, News: Temporary suspension from trading (06.10.2008) (English)
3. ^ The Guardian, Iceland stock index plunges 76 pct as trade resumes (14.10.2008) (English)