OMX Group today announced that it is launching its venture market, First North, in the Baltic region.

The new market will be an alternative to the Baltic main market with lower requirements and rules, the OMX said. It is an exchange-regulated marketplace suitable for young and growing companies. The firm says that a substantial investor base is supported by the fact that all the members of the OMX Baltic Markets in Tallinn, Riga and Vilnius will have access to First North in the Baltic countries.

“Through First North we make it easier for the growing companies to raise capital. This supports the economic growth and benefits the entire region. The expansion of First North gives the investors a wider variety of investment opportunities. For the companies, First North can be seen as a first step towards the main markets,” says Jukka Ruuska, president of OMX Nordic Exchange.

Each company on First North must have a designated Certified Adviser. The advisers continuously monitor the companies’ compliance with the First North requirements, being an intermediary between the company, the exchange and the investors.

First North has already been launched in Denmark (2005), Sweden (2006), Iceland (2007) and Finland (2007). The stock exchanges of Tallinn, Riga and Vilnius are currently harmonising their market rules. The companies that want to join the alternative market must, as the first step, contact a Certified Adviser or the local exchange in respective country.

“This is our answer to a growing demand from the market participants for more investing possibilities in the Baltic securities market. For the small- and medium-size companies First North will be an excellent alternative to raise capital, increase visibility and recognition to accelerate the growth of the business. With First North, OMX takes an important step to a stronger and more integrated Nordic Baltic marketplace which will provide additional benefit for both local and international investors,” said Johan Rudén, president of the Baltic Market business unit at OMX.