History

A foreign currency and securities exchange as the predecessor of Tallinn Stock Exchange was launched in 1920 in Tallinn. The listing committee of the exchange, made up of representatives of banks, quoted security prices. The security prices were quoted once a year, on the last day of the year, until 1928. Starting from March 1934, prices were quoted once a month, on the last day of the month. The exchange was closed in March 1941 after Soviet occupation in Estonia.

The beginning of the 90's: development of the legal framework
Following the restoration of independence in 1991, Estonia undertook the task of creating a securities market from the ground up. The most important tasks were initiation of the privatisation process and creating an entirely new legal basis.

Characteristically, Estonia undertook rapid reforms of the securities sector with the Securities Market Act of 1993 establishing the foundation for necessary conditions to secure the proper operating of securities market and for carrying out transactions with securities. In 1994, the Investment Funds Act was adopted.

1993: Entry into force of Securities Market Act.

1994: Electronic register for securities
The strengthening and consolidating banking sector, along with remarkably growing interest for securities transactions soon gave the impetus to establish the regulated securities market in Estonia. The idea of market participants to establish regulated and codified securities market and central securities depository did not realise until in the middle of the 90s.

In the 1994 the main market participants founded Estonian CSD as a regulated environment for electronically registering shares and clearing securities transactions. Seven Estonian commercial banks (Eesti Hoiupank, Eesti Forekspank, Eesti Ühispank, Hansapank, Tallinna Pank, Põhja-Eesti Pank, Eesti Sotsiaalpank), the Ministry of Finance, Bank of Estonia and Hüvitusfond (The State Compensation Fund), were originators of Estonian CSD.

• Entry into force of Investment Funds Act.
• On February 16, the commercial banks, Ministry of Finance and other main financial sector participants signed the foundation agreement of Estonian CSD.
• On November 18, the first securities were registered in Central Register of Securities. These were the bonds of Tallinn City government.
   

1995: Birth of Tallinn Stock Exchange
The foundation of Estonian CSD in turn would aid the development of the secondary market based on electronic trading system. This was realised with the founding of the Tallinn Stock Exchange in April 1995 by 10 commercial banks, 9 brokerage firms and state players (Hüvitusfond, Bank of Estonia and Ministry of Finance), equal holding of each of them. Licensed by the Ministry of Finance, Tallinn Stock Exchange opened for trading on May 31, 1996 with 11 securities listed.

To make the securities market infrastructure model more effective, the owners of Tallinn Stock Exchange and Estonian CSD formed, based on the two companies, a group under single strategic management in 2000.

• On April 19, Tallinn Stock Exchange was established.

1996

• On May 31, Tallinn Stock Exchange opened for trading with 11 securities listed. June 3 was the first calculation day for the TALSE index.
• On June 17, TALSE index fell to its lowest rating of all times 84,24 points.

1997

• On August 29, TALSE index reached its highest rating of all times 492,97 points.

2000

• In October Tallinn Stock Exchange and Estonian CSD formed, based on the two companies, a group under single strategic management.
• In October the first Rahakompass (Money Compass) fair was held, introducing saving and investment to private persons.

2001: HEX trading system
In April 2001 HEX Group from Finland acquired strategic ownership in the Tallinn Stock Exchange Group. Trading in Estonian securities in the HEX trading system started on February 25, 2002.

2002: Pension reform

In the spring of 2002, the second pillar of Estonian pension system or the funded pension system, was launched. The number of persons who had joined the new pension pillar in its first year was 207,000. The high entry of personal savings indicated that funded pension would be an important long-term capital resource for the local capital market and also the turning point in Estonians' investment behaviour and adopting investor-like thinking.

• In January, the new Securities Market Act came into force, creating the entirely new basis to the market harmonising the legal frames of Estonian securities market regulation with EU requirements and standards.
• In January three Estonian financial sector supervision authorities Banking Supervision Department, Securities Inspectorate and Insurance Inspectorate were unified into the single supervision agency the Estonian Financial Supervision Authority (FSA).
• On February 25, HEX trading system was launched. The name of the group incorporating Tallinn Stock Exchange and Estonian CSD became HEX Tallinn.
• In May funded pension system or the 2nd pillar of the pension system was launched.
• In July the funded pension indices (EPI) were launched by Estonian CSD.
• On August 12 HEX became the majority owner of Riga Stock Exchange Group.
• On December 26, the Guarantee Fund Act came into force. The objective of the Fund is to guarantee protection of funds deposited by depositors (the Deposit Guarantee Sectoral Fund), investors (the Investor Protection Sectoral Fund) and unit-holders of pension funds (the Pension Protection Sectoral Fund) and thereby to increase the reliability and stability of the financial sector.

2003: Electronic central register
As of July 1, 2003, all shares of joint stock companies operating in Estonia are registered at the Estonian central register of securities, maintained by Estonian CSD. The electronic central register adds reliability as well as transparency to the business environment of Estonia.

• Single Listing and Surveillance Committee was launched on March 10 as the amendments to the Rules and Regulations came into force to replace two separate committees operating before.
• HEX Group, the strategic owner of HEX Tallinn, announced merger with Swedish bourse operator OM on May 10.
• July 1 marked the deadline for compulsory registration of joint stock companies at the Estonian central securities register. Some 5,360 companies approximating about 90% of all Estonian operating joint stock companies had submitted an application on time.
• September 4 was the first day of operations for OMHEX, the new parent company of HEX Tallinn, created by the merger of Swedish OM and Finnish HEX.

2004: OMX Exchanges, SAXESS trading system
As a result of merger between Finnish and Swedish securities market operators into OMX, the Tallinn Stock Exchange adopted new trading platform in September. The new Nordic-Baltic trading platform is used by seven exchanges: in Sweden, Denmark, Iceland, Finland, Estonia and Latvia.

Due to successful privatization of Vilnius Stock Exchange, all three Baltic stock exchanges became part of OMX Exchanges. The joint Baltic market was created with the introduction of Baltic list, Baltic index and new market information web-site. The trading system used in Latvia and Estonia was also adopted in Lithuania in May 2005.

• On March 30 OMHEX was selected as the buyer of majority shares in Vilnius Stock Exchange.
• In April, Tallinn Stock Exchange, along with Helsinki and Riga Stock Exchanges, became members of NOREX Alliance.
• On July 1 the Baltic List was expanded to consist all main list securities of Baltic stock exchanges.
• On September 27 SAXESS trading platform was adopted in Tallinn Stock Exchange along with Riga and Helsinki bourses. The Nordic-Baltic trading platform was used by seven NOREX Alliance exchanges.

2005: Corporate Governance Recommendations
The Corporate Governance Recommendations provide procedural instructions for companies and help to resolve conflicts of interest and prevent special interest groups from exerting too great influence on the management of the company. The Corporate Governance Recommendations were developed by a roundtable of experts – stock exchange issuers, investors, auditors, entrepreneurs, public sector representatives, lawyers and others. The work of the roundtable was coordinated by the Financial Supervision Authority and the Tallinn Stock Exchange.

• On April 26 BALTIX index exceeded 500 points.
• Starting with August 1, the trading system in Riga and Tallinn Stock Exchanges were complemented by a new market segment for debt securities. The orders are matched automatically according to yield to maturity specified in the buy or sell orders. The launch of the automatch submarket for debt securities in Riga and Tallinn Stock Exchanges is another step in harmonization of the cash markets in the Baltics.
• Tallinn Stock Exchange introduced Corporate Governance principles and recommendations for it's implementation. The guidelines will take effect on January 1, 2006.
• On October 3, OMX harmonized the index name structure for OMX indices in Stockholm, Helsinki, Copenhagen, Tallinn, Riga and Vilnius Exchanges. The name structure was constructed around the OMX name, the specific stock exchange and the index of choice.
• Vilnius Stock Exhange launched the common Nordic trading platform SAXESS for trading on the cash markets.
   

2006: Tallinn Stock Exchange turns 10
The Tallinn Stock Exchange commenced its activities on 31 May 1996 and trading in 11 securities on the stock exchange list began on 3 June.

• Companies on list one of the stock exchanges of Tallinn, Riga and Vilnius were assigned a Global Industry Classification Standard (GICS) code. Companies on the main list were assigned the GICS code in July 2005.
• The stock exchanges of Tallinn, Riga and Vilnius launched a competition of listed companies “Baltic Market Awards,” the purpose of which is, in addition to determining the best market participants in the Baltic states, to also increase the awareness of listed companies regarding the quality of information disclosed by them, good investor relations and company management practices. Hansapank was determined to be the best member of the stock exchange in the Baltic States and Eesti Telekom to be the company with the best IR on the Tallinn Stock Exchange.
• The Tallinn, Riga and Vilnius Stock Exchanges opened the Fund Centre which helps make information concerning funds more transparent and investment decisions simpler.
• The new system for dissemination of stock exchange information was opened. Specifically prepared for Baltic and Nordic stock exchanges and listed companies, it was more convenient to use than the older version and has a significantly wider and more international circle of users.
• The supervisory board of the Estonian Central Depository for Securities appointed Kristel Johanson as a member of the management board and managing director from June 29, 2006.
• New indexes on the Baltic securities market: the Baltic index family includes the general index (OMX Baltic All-Share), benchmark index (OMX Baltic Benchmark), tradable index (OMX Baltic 10) and sectoral indexes (OMX Baltic Sector), which contain the shares of companies listed on the stock exchanges of Tallinn, Riga and Vilnius. The calculation of indexes is harmonised with the rules of OMX Group, which also gives a possibility to better compare the indexes, companies and sectors at the level of Nordic countries.
• The stock exchanges of Tallinn, Riga and Vilnius unified the access of members to the Baltic Stock Exchange – OMX Baltic membership was created.
• In the competition of annual reports of Estonian companies and organisations “Flagship of Financial Reporting”, the annual report of the Tallinn Stock Exchange and Estonian Central Depository for Securities ranked third among unlisted companies
• New companies: trading in the shares of Eesti Ehitus started on 18.05.2006; trading in the shares of Olympic Entertainment Group started on 23.10.2006.
   

2007: Launch of investor education programme “Invest Mentor”, alternative market “First North” and MiFID.
Tallinn Stock Exchange launched the investor education programme “Invest Mentor”, the purpose of which was to educate people interested in investing to contemplating and rationally thinking investors who would be able to handle their resources reasonably and secure their future. At the same time, preparatory work for launching the alternative market “First North” was started and the market practices of Baltic stock exchanges were harmonised with the Markets in Financial Instruments Directive (MiFID).

• The supervisory board of Tallinn Stock Exchange appointed Andrus Alber as the chairman of its management board on February 19.
• Tallinn Stock Exchange index OMXT exceeded the level of 1000 points on February 1.
• Tallinn Stock Exchange together with the University of Tartu, Tallinn University of Technology, Estonian Business School and International University Audentes announced a competition for Bachelor’s and Master’s theses on topics concerning the Tallinn Stock Exchange or Baltic securities market. The winner of the competition was Mart Veskimägi with Master’s thesis “Empiric testing of the effective market hypothesis on Tallinn Stock Exchange” (University of Tartu, tutor: Priit Sander), the jury granted the special award to Erki Alas for the Bachelor’s thesis “Public initial issue of shares – motives and impacts on a company” (University of Tartu, tutor: Andres Juhkam). The competition is part of the investor education programme “Invest Mentor”.
• The structure of Baltic stock exchange lists was rearranged. On the regulated market the Baltic Main list remained and the former investor list became Baltic Secondary list. The companies on the investor list – AS Kalev, Saku Õlletehase AS and AS Viisnurk were transferred to the Baltic Main list. In addition to the regulated market, the alternative market First North was launched.
• Members of Baltic stock exchanges and central depositories became able to settle over-the-counter transactions against payment (OTC DVP) across the border. By this, the Estonian CSD broadened its offered services and the depositories of the Baltic countries started offering a full solution for settlement of securities between countries.
• The Estonian CSD in cooperation with Tallinn Stock Exchange developed instructions of securities settlement for professional investors and market participants, and Good Practice of Corporate Events intended for use by companies.
• On the derivatives market of OMX Nordic countries in Stockholm, it is, for the first time, possible to trade in derivative securities created on the basis of OMX Baltic 10 index (OMXB10) – index futures.
• Tallinn Stock Exchange organised, in cooperation with SEB, LHV, Nordea, Avaron and business newspaper Äripäev, "Investment Fair 2007" in Viru Keskus under the framework of the investor education programme "Invest Mentor", to draw attention to saving and investment.
• In the Flagship competition of financial reporting, the best annual reports of Estonian companies and organisations were selected. The 2006 annual report of Tallinn Stock Exchange and Estonian CSD were assessed to be worthy of first place among unlisted companies.
• Tallinn Stock Exchange published, together with the top specialists in securities market, the investment handbook “Guide to Investing”. The handbook was compiled on the basis of a set of articles and is intended for everyone who is interested in saving and gaining additional knowledge to invest their savings. The handbook is part of the investor education programme "Invest Mentor".
• Amendments to the Estonian Securities Market Act and rules of the alternative market “First North” approved by the Financial Supervision Authority entered into force on November 19, 2007. “First North” is an alternative market founded by OMX Exchange, which had successfully been launched in the Nordic countries was ready to commence trading in all the Baltic countries.
• New companies: trading in the shares of Ekspress Group commenced on 5.04.2007; trading in the shares of Arco Vara commenced on 21.06.2007.

 
2008: NASDAQ and OMX merged; NASDAQ OMX Group, Inc. was formed.
In February, NASDAQ Stock Market, Inc. completed the merger with the Baltic and Nordic stock exchange group OMX AB. As a result of the merger, the largest publicly traded company in the world was created – NASDAQ OMX Group, Inc.

• NASDAQ OMX stock exchanges in Tallinn, Riga and Vilnius opened the Baltic Funds List, which enables the investment fund units to be quoted and traded on the stock exchange. In addition to shares and bonds, retail investor can also trade in fund units on the stock exchange. Trading on the stock exchange provides fund management companies with an additional distribution channel.
• Tallinn Stock Exchange together with Tallinn University of Technology, Estonian Business School and International University Audentes organised, for the second consecutive year, a contest of student papers on the topic of securities markets. Both bachelor’s and master’s theses on topics concerning Tallinn Stock Exchange or Baltic securities market could participate. The contest was won by Tiina Jürgens, with the bachelor’s thesis "Asset class of bonds in Estonia" (Tallinn University of Technology, supervisor Katrin Rahu). The contest of student papers is part of Tallinn Stock Exchange investor education programme "Invest Mentor".
• NASDAQ OMX stock exchanges in Tallinn, Riga and Vilnius renewed the Fund Centre. The Fund Centre collects and publishes information about the investment funds publicly offered in the Baltic region. After the improvements the list of funds can be sorted or several different funds compared on one graph. The funds can also be grouped by investment areas and the historical productivity of a fund observed in a given period. All the indicators on the homepage of the Fund Centre are calculated according to common rules and formulas.
• Tallinn Stock Exchange published an investment handbook – "Guide to Securities", which looks in which instruments money can be invested. Tallinn Stock Exchange gave copies of “Guide to Securities” to all Estonian upper secondary schools, institutions of higher education and libraries to make the information on investment available free of charge to everyone who may wish to have it. The investment handbook "Guide to securities" is part of the investor education programme of Tallinn Stock Exchange "Invest Mentor".
• NASDAQ OMX recognised the Baltic companies with the best investor relations. The objective of the contest, held already for the third year, is to determine and acknowledge the excellence of investor relations of listed companies of the Baltic States. Baltika was determined as the company with the best investor relations in Estonia and SEB Bankas from Lithuania was awarded the prize of the best member of the Baltic stock exchanges. Eesti Ehitus was the most successful company in the Baltic states in terms of improving the quality of investor relations.

2009: Estonian Central Register of Securities 15. The knowledge and technology export unit eCSD EXPERT was established.

• NASDAQ OMX Baltic exchanges in Tallinn, Riga and Vilnius publish real-time trading information on their websites.
• As of February, NASDAQ OMX Baltic exchanges extended their trading period by two hours. The changes guarantee better access for foreign investors to the stock exchanges of Tallinn, Riga and Vilnius, thereby increasing trading activity on the Baltic securities market.
• The new business names of NASDAQ OMX Baltic exchanges are NASDAQ OMX Tallinn, NASDAQ OMX Riga and NASDAQ OMX Vilnius. The business names reflect membership in the NASDAQ OMX exchange group and increase the visibility of the Baltic securities markets for international investors.
• NASDAQ OMX acquired the holdings of Swedbank and SEB on NASDAQ OMX Baltic exchanges. Most of the other small shareholders also sold their holdings to NASDAQ OMX, increasing the holding of the majority owner in NASDAQ OMX Tallinn AS to 93 per cent. The goal of NASDAQ OMX is in the near future to acquire a 100% holding in all NASDAQ OMX Baltic exchanges. Before the sale of the shares to NASDAQ OMX, SEB owned 12.1% and Swedbank 13.2% of the shares of NASDAQ OMX Tallinn AS. Cresco Väärtpaberite AS (3.1%), EVLI Securities AS (1.3%), the Bank of Estonia (1.1%) and AS Eesti Krediidipank (0.7%) also sold their holdings.
• NASDAQ OMX Baltic exchanges gave notice of their intention to create a single market for trading in Euros. The trading post is planned to be launched next year on the precondition that the members of the stock exchanges are ready for it and the local financial supervision institutions give their consent.
• President Ilves met with the management of Tallinn Stock Exchange - "I believe the creation of an alternative market is useful for the entire Estonian economy. It provides smaller companies and new ideas with an opportunity to involve additional capital and grow," the head of state noted.
• KredEx and NASDAQ OMX Tallinn signed a cooperation memorandum with the goal of developing the local capital market and providing additional funding opportunities mainly for small and medium-sized enterprises. As a result of the agreement, KredEx is ready to provide surety for the bridge financing of companies on the alternative market First North for covering the initial expenses related to the taking in of shares for trading.
• NASDAQ OMX Baltic exchanges participated in the creation of the securities analysis centre Emerging Nordic Research. It is the first independent securities analysis centre in the Baltic region, aimed at providing institutional investors with analyses and reviews. Every NASDAQ OMX Baltic exchange has a 17% holding in the analysis centre.
• The new member of the Demo Centre is NASDAQ OMX Tallinn. The Demo Centre publishes the official information portal pensionikeskus.ee of the Estonian pension system. The system operates 24/7 in real time and queries and changes are made in the central pension register within seconds. This way, pensionikeskus.ee brings the national pension register closer to the citizens via the Internet.
• The subsidiary eCSD EXPERT was established, which is the exporter of the knowledge and technology of Tallinn Stock Exchange and the Estonian Central Register of Securities. Thanks to our experience, we can successfully export services ranging from counselling to the implementation and management of technology. eCSD EXPERT, a separate entity in the NASDAQ OMX Tallinn Group, was chosen as the main partner in developing Armenia's Mandatory Pension System.
• The supervisory board of the Estonian Central Register of Securities (EVK) appointed Julia Segerkrantz as a member of the board of EVK and the managing director.
• The Estonian Central Register of Securities celebrated its 15 anniversary. The representatives of seven local commercial banks, the Ministry of Finance, the bank of Estonia and the Compensation Fund signed the memorandum of association of EVK on 16 February 1994. The "legal birth certificate" of the register was issued on 14 October 1994 with the adoption of Government of the Republic Regulation No 374 "Establishment of the Estonian Central Register of Securities". The first securities registered in EVK were the bonds of the City of Tallinn.
• The number of private limited companies registered in the Estonian Central Register of Securities increased to 2000. The fastest opportunity to register private limited companies is within one working day. The first private limited company was registered in the Estonian Central Register of Securities on 30 May 2001. 2006. In September 2006, there were 1000 registered and operating private limited companies there.
• The state payments to the 2nd funded pension pillar were frozen until 2011. The contract and promise with which almost 600 000 people have joined were changed by the state unilaterally. Regardless of this, 220 472 people decided to continue their payments to the 2nd pension pillar in the coming year.
• By the end of 2009, 591 245 people had joined the 2nd funded pension pillar; the total amount of funds is EEK 14.3 billion. The people who have joined also had a chance to choose between pension funds with an aggressive strategy (invest up to 75% in instruments similar to shares). The 2nd pension pillar disbursements were also started; 6050 people have submitted an application for receiving pension.
• In October, the investment fair "Rahakompass 2009" was held within the framework of the Tallinn Stock Exchange investor education programme "Invest Mentor", in the Rotermann Quarter, in the Prooviveski house. Advice could be asked on the topics of investment and pension; the advantages of investing in gold over wine and vice versa were considered. During the year, two special papers "Väärt Paber" aimed at small investors were published.
• In the framework of the investor education programme "Invest Mentor", the investment book "Kuidas ma investeerin börsiaktsiatesse" by the most famous investment guru of Finland, Seppo Saario, was published in Estonia. NASDAQ OMX Tallinn presented the books to every secondary, vocational and higher education school and library so that the advice of the classic could be available for all interested parties. The book is a continuation of the books "Investeerimise teejuht" (2007) and "Väärtpaberite teejuht" (2008) published in previous years within the framework of the investor education programme.
• The student works contest on the topic of the securities market, held in the framework of the investor education programme "Invest Mentor" of NASDAQ OMX Tallinn Stock Exchange, was won by and the EUR 1000 prize was awarded to the Bachelor’s thesis of Raili Koka – "Involvement of equity capital by way of the initial public emission of shares in Estonia on the example of the alternative market First North" (the University of Tartu, supervisor Priit Sander). "The activities on the world financial market over the past year should provide more research and analysis material than anybody would even dare to desire," said Andrus Alber, Chairman of the Board of NASDAQ OMX Tallinn Stock Exchange. The contest was held for the third consecutive year.
• NASDAQ OMX Tallinn supports "Ajujaht", which is an entrepreneurship contest for promoting the enterprising spirit of Estonian youth, contributing to the establishment of innovative and science-intensive companies.
• We started cooperation with the Development Fund to make Estonia the ICT laboratory of financial services.
• "Baltic Market Awards 2009" was held, where NASDAQ OMX Baltic exchanges recognised the companies with the best investor relations. Tallinna Vesi received the award for Best Investor Relations on the Tallinn Stock Exchange. Tallinn Vesi also achieved the highest evaluation in the category Best Annual Report in the Baltic States. TEO LT was awarded the Best Investor Relations award in the Baltic States. AS SEB Bankas from Lithuania was awarded with the Member of the Year in the Baltic States award.
• The last day to trade with the shares of AS Luterma on Tallinn Stock Exchange was on 9 September and the listing of the shares of Starman was ended on 1 April 2009.
• The Listing and Supervisory Committee of NASDAQ OMX Tallinn Stock Exchange decided to move the securities of AS Järvevana for trading from the Main List to the Additional List as of 15 September.

2010: NASDAQ OMX Tallinn rose by a record-breaking 73%. This is the best result among European stock exchanges and in the 15-year history of the Tallinn stock exchange. 

• The last trading day with the stock of Eesti Telekom at Tallinn Stock Exchange was on 12 January 2010. The first trading day of Eesti Telekom was on 11.02.1999 and the first closing price was 115 kroons (+35.3% as compared to the public offer price). During its time at the stock exchange, in total 70,966 transactions in the total amount of 1,216.3 million EUR (178.6 million shares) were made with the stock of Eesti Telekom. At the moment of leaving the stock exchange, the market value was 813.93 million euros (price per one share 5.90 EUR). The highest price was 9.91 EUR (29.03.2000) and the lowest price was 2.75 EUR (12.09.2001).
• By the initiative of NASDAQ OMX Tallinn, a joint exposition was opened at ICT Demo Centre with the aim of gathering the solutions created for the financial sector by the Estonian ICT companies.
• The Estonian Central Register of Securities was one of the first in Estonia to pass the information systems security audit (ISKE). The ISKE audit is mandatory for ensuring security of keeping the state registers.NASDAQ OMX introduced a new trading system INET on seven Baltic and Nordic securities markets. This step was taken to harmonise with the best international practice some of the trading rules and to extend the list of various transaction orders.
• Pensionikeskus (Pension Centre) added the aggressive pension funds index EPI-75 to the existing indexes.
• Compensa Life Vienna Insurance Group became the account holder of the Estonian Central Register of Securities.
• NASDAQ OMX became the sole owner of NASDAQ OMX Tallinn Stock Exchange. Integration of NASDAQ OMX Baltic Stock Exchanges and contributing to the development of the capital markets of the region continues.
• NASDAQ OMX Tallinn Stock Exchange started trading with the stock of Premia Foods. Through public and institutional offer 14.5 million shares of Premia Foods were sold at 0.89 EUR, the total volume of the issue was 12.97 MEUR. By the end of the first trading day, the share price was set at 0.89 euros.
• HM Revenue and Customs of the United Kingdom added NASDAQ OMX Tallinn Stock Exchange to the list of markets where investing and trading is move favourable from the point of view of taxation and thus attractive for the investors of the United Kingdom.
• After a two-year break, two new advisors were added to the alternative market First North – Cresco Väärtpaberite AS and AS Redgate Capital. As at the end of the year, the alternative markets of the Baltic States have in total 18 advisors, eight of them operate in Estonia.
• 23 leading companies of the field founded a new entrepreneurship organisation Estonian Service Industry Association, the aim of which is to increase competitiveness of the Estonian service industry, which offers high added value. Among others, the founders of the Association were NASDAQ OMX Tallinn, Skype Technologies, Ernst & Young Eesti and PricewaterhouseCoopers.At the Golden Egg 2010 competition organised by the Estonian Association of Advertising Agencies, NASDAQ OMX received the Silver Egg award in the category of digital advertising for the design of the trading information screens.
• Seminars introducing the alternative market “Alternative market – new financing opportunity for growth leap” organised with the support of Enterprise Estonia and Social Fund of the European Union took place across Estonia.
• Investment fair “Money Compass 2010” took place under the slogan “Each dream is an investment”. The headliner of the fair was the Finnish investment guru and author of various investment handbooks Seppo Saario.
• The interactive information graphics solutions of NASDAQ OMX received the golden award in the Internet category of the ADC*Estonia Design Award 2010 and will be competing at the ADC*Europe competition in Barcelona in June 2011.
• Several amendments of the law that influence the investment environment were approved. Now a private limited company can be founded by a natural person without having to immediately make the contribution. The amendments of the Income Tax Act allow deferring taxation of revenue earned from financial investments by using the investment account and thus make taxation of options clearer and favourable. Furthermore, the Family Act provides for a requirement according to which a court has to give permission for making investments on the behalf of a child.

2011: Members of Nordic and Baltic stock exchanges may enter transaction orders to North-American securities markets. eCSDX signed an agreement to help the Republic of Armenia in creating a register of second pillar pension system. The Estonian Central Register of Securities also made history by introducing a new standard and information system DEPEND.

• Estonian securities market registry and settlement system was renewed. With the turn of the year the Estonian Central Register of Securities changed to a completely new information system DEPEND, which first and foremost concerns account administrators, exchange members, issuers and the Bank of Estonia and is based on the best pan-European technical and business standards. As the first depository in Europe the Estonian Central Register of Securities introduced the international settlement messages standard (ISO20022).
• Trading and settlement on Tallinn and Vilnius stock exchanges is available in euros. As a result, the efficiency and attractiveness of the Baltic securities market will significantly increase, which is the basis for bringing new investments to the Baltic region.
• NASDAQ OMX Baltic recognised the winners of the competition Baltic Market Awards 2010 and the best practices in investor relations in the Baltic securities market. TEO LT was deemed the company with the Best Investor Relations and SEB Bankas won the title of the Member of the Year. AS Tallinna Vesi (water utilities) scored the highest among Estonian companies and received the award for Best Investor Relations on the NASDAQ OMX Tallinn.
• The competition of student papers on the topic of securities market, carried out under the framework of the investor education programme, was won by the Master’s thesis "Anchoring and adjustment in Estonian sell-side Equity analysts’ forecasts" by Sander Pullerits (University of Tartu, supervisor Priit Sander).
• Members of Nordic and Baltic stock exchanges may enter transaction orders to North-American securities markets. The service is provided in cooperation with the US brokerage company Citigroup.
• A Financial Handbook, explaining the arrangement of financial matters, was published together with the Financial Supervision Authority. The handbook was presented as a gift to all Estonian schools and libraries, and for the first time it is also available free of charge as an e-book.
• eCSDX, a subsidiary of NASDAQ OMX Tallinn, signed an agreement with the Central Depository of Armenia, the Government of the Republic of Armenia and the Central Bank of Armenia to help the Republic of Armenia in creating a register of participants in the pension funds in the second pillar pension system.
• The investment fair Money Compass 2011 was held, where the main speakers were Ola Löhman, an expert of socially responsible entrepreneurship and Henri Elo, a highly valued analyst of newspaper Kauppalehti and the author of one of the most popular investment books "Find the pearls – avoid bubbles".
• A visit by the delegation of the managers of Estonian, Latvian and Lithuanian companies to New York was organised by the Baltic Institute of Corporate Governance. The aim of the visit was to help expand investments and trade between the USA and Baltic States. The delegation met with the representatives of Thomson Reuters, Deloitte, Microsoft, the Federal Reserve Bank, University of Yale and other institutions and companies.
• The supervisory board of NASDAQ OMX Tallinn appointed Eddi Joost as a member of the management board as of 24 October 2011.
• The interactive solutions of NASDAQ OMX Tallinn trading information were awarded the title of Bronze Egg in the digital advertisement category of the competition Golden Egg 2011.
• The Financial Supervision Authority, Estonian Banking Association and the youth organisation SINA (Big Ideas for Youth Initiatives) jointly organised "The day of my money" in 7 Estonian schools. The students were provided with an introduction to the arrangement of financial matters and the main financial services through various quizzes, tests and exercises.
• A web-based fund administration system "Portfolio 3000" – an all in one and easily accessible real-time system – was prepared, offering management companies a one-stop solution with all of the necessary functions, starting with the real time calculation and accounting of the net asset value (NAV) of fund units.