Net Entertainment Switching Markets
By Staff
Swedish online gambling software provider Net Entertainment has announced that it is in the process of changing marketplaces from the Nordic Growth Market alternative stock exchange to the much larger OMX Nordic Exchange.

Stockholm-based Net Entertainment revealed that the process should be completed well before the end of March and had started before last week’s news that Sweden's financial watchdog had recalled the Nordic Growth Market’s trading permit after the small market’s officials were found to be obstructing supervision of the bourse.

The Swedish Financial Supervisory Authority stated that the Nordic Growth Market's permit to conduct exchange operations had been withdrawn effective immediately although trading in financial instruments would be allowed during a wind-up period lasting six months.

In a statement released last week, the watchdog announced that the Stockholm-based Nordic Growth Market ‘has squandered Financial Authority’s trust and confidence to operate an exchange’.

'Major owners, board members and the Chief Executive Officer have all been involved,' it said.

'Furthermore, the company has not been able to maintain a functioning and independent market surveillance.'

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