Comparison between Oslo Børs, Oslo Axess and Merkur Market

Trading on the Oslo Børs, Oslo Axess and Merkur Market marketplaces takes place in the same way, which is to say with electronic order book trading and automatic order matching using the Millennium Exchange trading system. Oslo Børs’ market surveillance activities are also the same for the three marketplaces.

Since Merkur Market is a multilateral trading facility (MTF), both the admission requirements and the continuing reporting obligations following admission are simpler and less comprehensive than for Oslo Børs and Oslo Axess. Although the continuing obligations for companies on Merkur Market are simpler, companies are nonetheless required to publicly disclose inside information without delay and on their own initiative, and also to publish half-yearly accounts. The table below summarises the key characteristics of the three marketplaces.

 

 

 

Merkur Market

Oslo Axess

Oslo Børs

Marketplace status

Multilateral trading facility

Authorised and fully regulated marketplace

Stock exchange listing in accordance with EU requirements and Norwegian Securities Trading Act

Financial advisor

Yes, a Merkur Advisor is required

No, but common in practice

No, but common in practice

Type of company

Private limited companies, public limited companies, equity certificate issuers, and equivalent types of foreign company

Public limited companies and equivalent types of foreign company

Public limited companies, equity certificate issuers, and equivalent types of foreign company

Admission process duration

1-2 weeks

4-8 weeks

4-8 weeks

Admission decisions

Oslo Børs ASA

Oslo Børs ASA

Oslo Børs ASA

Market capitalisation

No requirement

NOK 8 million

NOK 300 million

Minimum price per share

NOK 1

NOK 1

NOK 10

Minimum number of shareholders

30

100

500

Minimum proportion of share capital distributed among general public

15%

25%

25%

Due diligence

Limited-scope financial and legal due diligence. No requirement for advisors to be independent

Full financial and legal due diligence; advisors must be independent

Full financial and legal due diligence; advisors must be independent

Admission document/ prospectus

Admission document which is less comprehensive than an EEA prospectus

EEA prospectus subject to inspection and approval by Finanstilsynet

EEA prospectus subject to inspection and approval by Finanstilsynet

Accounting standards

Norwegian GAAP, IFRS or other recognised standard

IFRS

IFRS

History and activity

At least one audited interim or annual report. Not required to have fully commenced activities

At least one audited interim or annual report. Must have commenced main activities

At least three years’ history and activity. An exemption may be applied for

Financial reporting

Half-yearly; deadline for publication one month later than for Oslo Børs and Oslo Axess

Half-yearly starting from 01/01/2017, but quarterly recommended

Half-yearly starting from 01/01/2017, but quarterly recommended

Duty of disclosure

From admission

From submission of application

From submission of application

Publication of inside information without delay and on own initiative

Yes

Yes

Yes

Able to delay public disclosure of information

Yes

Yes

Yes

Temporary admission of shares belonging to a class of shares already listed on Oslo Axess or Oslo Børs

Yes

No

No

Temporary admission of a new class of shares for companies listed on Oslo Axess or Oslo Børs

Yes

-

-

Corporate governance

No requirements

Report required

Report required

 

 

 

Contact us

Lars Jacob Braarud