The idea of one bourse for the whole Nordic region has resurfaced.
Reports on Wednesday, citing people familiar with the discussions, said industry alliance Nordic Compass is studying options including the consolidation of Sweden, Denmark, Norway and Finland's national exchanges, as well as the harmonisation of their regulatory frameworks.
Nordic Compass told Euronews it is analysing a range of possibilities but that the work remains preliminary.
"Nordic Compass' Capital Markets Track is working to improve opportunities to raise capital to support competitiveness across all stages, from start-up, venture, growth and scale-up to IPOs, as well as the ecosystem for Nordic listings," said Christian Clausen, chair of the alliance's Capital Markets Track and chairman for the Nordics at BlackRock.
"This includes analyses of a range of potential initiatives, including issues related to liquidity. The work is still at an exploratory stage, and no agreement has yet been reached on specific initiatives or conclusions," Clausen explained to Euronews.
Nordic Compass was launched in May as a pan-Nordic industry alliance gathering more than 25 companies, foundations and organisations, among them Wallenberg Investments, EQT, Nordea, SEB, Nasdaq Nordic, Ericsson, Nokia, Saab, Ørsted and the Novo Nordisk Foundation.
Chaired by former Finnish prime minister Jyrki Katainen, it works across four tracks covering capital markets, deep tech, defence and energy.
The alliance's first initiatives are due at a summit in Gothenburg on 4 and 5 November, where the capital markets proposal is rumoured to be presented.
The prize is considerable.
Nordic pension funds and sovereign investors manage close to $4 trillion (€3.43tn) and take in more than $175 billion (€3.43tn) a year, but that capital is spread across four separate markets rather than being pooled into one.
Who owns the exchanges?
Any merger would need the cooperation of three parties that do not answer to the alliance directly.
Nasdaq operates most of the region's national bourses, Euronext owns Oslo's stock exchange, and Euroclear plays a central role in settling Nordic securities trades.
Nasdaq did not respond to a request for comment.
Euronext signalled openness telling Euronews that through Oslo Børs, its securities depositories in Norway and Denmark, Nord Pool and Admincontrol, it has an established Nordic franchise and is "in dialogue with Nordic Compass about potentially contributing to practical measures."
"Euronext welcomes initiatives aimed at making the Nordic capital markets even more competitive globally," the exchange operator added.
"The region already benefits from strong market traditions, sophisticated investors and successful local ecosystems. The opportunity is to build on these strengths by making it easier for capital to flow across borders," a spokesperson for the group told Euronews.
Euronext also pointed to its own multi-country structure as a template.
"Our experience demonstrates how deeper liquidity, shared technology and harmonised rules can benefit issuers and investors, while our federal model keeps local exchanges close to the markets they serve," the exchange operator concluded.
What potentially emerges in Gothenburg in November will show whether the exploratory work has produced anything firmer than analysis.
