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Company List: Global NASDAQ Exchanges to NASDAQ U.S.
Since 2005, more than $1.6 trillion in global market capital has transferred to the NASDAQ US. The majority of this capital has come from US companies rather than numerous transfers from other exchanges. Almost no transfers from outside the US could be identified. The details of those that were identified are included in the attached spreadsheet. For the purposes of this report, transfers have been referred to as delistings.
NASDAQ NORDIC
- NASDAQ Nordic includes the NASDAQ Stockholm, Copenhagen, Helsinki, Icelandic, and Baltic exchanges.
NASDAQ OMX Stockholm
- There are currently 337 companies listed on the NASDAQ Stockholm Exchange. Between 2013 and 2019, no delisted companies from the NASDAQ Stockholm joined the NASDAQ US. This was confirmed by reviewing the reasons that the respective companies were delisted and checking the delisted companies against the NASDAQ US list of companies.
- NASDAQ Stockholm only makes records from 2013 onward public. A review of media publications and press releases located one instance of a company planning to switch, which has been recorded on the spreadsheet.
NASDAQ Copenhagen
- The NASDAQ Copenhagen does not make a list of delisted companies available publicly. A review of media publications and press releases also yielded no results.
NASDAQ First North Growth Market
- NASDAQ First North Growth Market is a growth platform that allows companies to access growth capital to expand their business. Most companies eventually transfer to either NASDAQ First North or NASDAQ Stockholm.
NASDAQ First North
- NASDAQ First North typically attracts smaller companies. The majority of these companies are of a size that they would be unlikely to list on the NASDAQ US. While several media stories were located regarding the delisting of specific companies, there was no mention of any that were delisted when transferring to NASDAQ US. The majority of transfers were to NASDAQ Stockholm.
NASDAQ BALTIC
- The NASDAQ Baltic includes NASDAQ Tallinn, Riga, and Vilnius exchanges.
NASDAQ Tallinn
- The NASDAQ Tallinn has had relatively few delistings. For example, in the period 1998 to 2006 only 18 companies were delisted. None of the companies were transfers to other exchanges. A comprehensive list of companies delisted was not available.
NASDAQ Riga
- The NASDAQ Riga is the Latvian exchange. It has had few delistings and no transfers could be identified. A comprehensive list of companies delisted was not available.
NASDAQ Vilnius
- The NASDAQ Vilnius is the Lithuanian exchange. It has had few delistings and no transfers could be identified. A comprehensive list of companies delisted was not available.
Research Strategy
To determine the companies that had switched to the NASDAQ US exchange from another NASDAQ exchange, we first identified the relevant NASDAQ exchanges. We then reviewed each exchange to locate a list of delisted companies by year. Once we had obtained a list of delisted companies, we planned to check it against the NASDAQ US to determine those that had made the switch. Unfortunately, this strategy had limited effect as most of the NASDAQ exchanges do not compile a publicly available list of companies that have delisted. When the information was available, such as for the NASDAQ Stockholm, it was for a limited time frame and therefore was not a comprehensive list.
Our second strategy saw us review media publications and press releases for each of the exchanges to determine companies that had switched to the NASDAQ US. This approach had limited results. We were able to locate an announcement regarding Zealand Pharma; however, this is a future listing. We were able to find lists of companies that were located in the countries of the other NASDAQ exchanges but listed on the US exchange. However, these lists did not indicate whether the companies had been listed elsewhere previously. We reviewed the stock information page for each of these companies, but this information was not readily available, and the majority of the companies had first listed on NASDAQ US. We also observed what appeared to be a preference toward listing on the NYSE rather than the NASDAQ.
Finally, we attempted to reverse engineer the information by obtaining a list of IPOs for the NASDAQ US and identifying the companies that had been previously listed on other exchanges. This solution was not straightforward as the NASDAQ typically produces a list of highlights rather than a comprehensive list of transfers. Where we were able to locate a list of the transfers to the NASDAQ, we found that the majority of these transfers were from non-NASDAQ exchanges. For example, there were 15 transfers in 2019 and the majority came from the NYSE. We managed to obtain a list for the period 2000 to 2020. Unfortunately, it contained no information about whether the company was a transfer or new stock. Given there were between 100-200 IPOs per year, we did not have the ability to check each company individually given the time constraints of this project.
Given the lack of a comprehensive list, it appears the only way to identify those companies that have transferred to the NASDAQ US will be by working through a list of all the companies currently included on the NASDAQ US, which will be very labor intensive.