The Iceland Stock Exchange also known as ICEX (currently Nasdaq Iceland) was founded in 1985 as a joint venture of several banks and brokerage firms on the initiative of the Sedlabanki Islands (Central Bank of Iceland).
Trading began in 1986 in Icelandic government bonds while trading in equities began in 1991 and increased rapidly thereafter.
Since 1 January 1999, the ICEX has operated as a private company, owned by the listed companies (29%), member firms (29%), Sedlabanki Islands (16%), pension funds (13%) and the Association of Small Investors (13%).
Between 2003 and 2004, prices on the Iceland stock market increased 900%.
In 2006, ICEX and Icelandic Central Depository agreed to be taken over by larger rival OMX Nordic Exchange and in 2007 OMX – which at that time operated stock exchanges in the Nordic and Baltic countries– was acquired by American technology stock exchange Nasdaq.
On 6 October 2008, the Financial Supervisory Authority decided to temporarily suspend trading
in six financial stocks - Kaupthing, Landsbanki, Glitnir, Straumur-Burdaras, Reykjavik Savings Bank (SPRON) and Exista. When the exchange resumed trading on 14 October, the blue chip index plunged 76%.
In 2010 Nasdaq OMX launched common INET trading platform across its seven Nordic and Baltic equity markets.
In 2013, Nasdaq OMX introduced the NOMXI Benchmark Bond Index family, a suite of indices tracking the Icelandic government bond market. The indices are based on Icelandic nominal and inflation-linked benchmark bonds that are listed and traded on Nasdaq Iceland.
A wide variety of firms are currently listed on the Exchange, including firms in shipping, fishing, telecommunication, travel, retail, banks, insurance and other areas.
Pall Hardarson (President)
Mr Hardarson is the President of Nasdaq Iceland since 2011. He was previously the Head of Operations and Deputy CEO of Nasdaq Iceland from 2002-2011. Prior to starting with Nasdaq in 2002, he acted as an economic consultant at the Icelandic National Economic Institute.
Phone:+354 525 2800
Address: Laugavegur 182, 105 Reykjavík, Iceland