The international index company FTSE Russell has decided to place Iceland in the category of secondary emerging markets and the decision will take effect when the markets open on 19 September.
“This is a huge turning point for the Icelandic stock market and very good news for the economy,” said Magnus Hardarson, CEO of Nasdaq Iceland, in an announcement.
“The FTSE’s decision is a recognition of the enormous work that market participants have done to strengthen the Icelandic market within the international financial market.”
Creates new opportunities
Fifteen companies in the Nasdaq Niceland Primary Market are expected to be included in the FTSE Global All Cap Index. Bjorn Sibbern, CEO of European Markets at Nasdaq, says that the Icelandic stock market has been growing rapidly in recent years.
“Moving up to the category of emerging market countries is an indication of the confidence that exists in continued growth. It could further increase interest in the Icelandic stock market and the economy and create new opportunities for companies and investors. I congratulate Nasdaq Iceland and our customers on this important milestone. ”
Increases investor interest
Efforts have been made to strengthen the Icelandic financial market, and Nasdaq Iceland, in collaboration with Nasdaq, a central securities depository, clients, the Central Bank of Iceland, and the government, has been improving its regulatory framework and complying with international requirements. It is expected that Iceland’s rise to the category of emerging market countries will facilitate the financing possibilities of listed companies and increase the interest of domestic and foreign investors in the market.