Term · Market & Classification
Nasdaq First North
In briefNasdaq First North Growth Market is a Nasdaq-operated growth segment for smaller companies in the Nordic-Baltic region. It is a multilateral trading facility with lower admission and ongoing obligations than a regulated market; issuers are supported by a Certified Adviser.
Definition
Nasdaq First North Growth Market is a growth segment operated by Nasdaq for smaller and young companies in the Nordic-Baltic region. It is organized as a multilateral trading facility (MTF) and is subject to less stringent admission and ongoing obligations than a regulated market. Issuers are supported by a Certified Adviser.
Why it matters for small caps
The segment is relevant for DACH investors because small growth stocks are listed there for which lower transparency obligations apply than on a regulated market. This increases the importance of one's own due diligence.
Common misreadings
- First North is often equated with a fully regulated market, even though as an MTF it is subject to lower disclosure and admission requirements.
In the process
Frequently asked
Is First North a regulated market?
No. It is organized as a multilateral trading facility (MTF) and is subject to less stringent admission and ongoing obligations than a regulated market within the meaning of the EU rules.
What is the role of the Certified Adviser?
Every issuer must appoint a Certified Adviser who supports and guides compliance with the rulebook obligations. This is meant to cushion the segment's transparency shortcomings.
What does this mean for investors?
Lower disclosure obligations often mean less information is available. Independent research and a critical view of the data situation are especially important here.
Related terms
Education only, not investment advice. Ranges and thresholds are didactic orientation values, not an official standard.