The Nordic and Baltic stock exchanges strategic alliance, known as Norex, is this month adopting the Global Industry Classification Standard (GICS) as its official security classification standard. GICS was jointly developed by Standard & Poor’s and MSCI in 1999 in response to what they saw as a need for a more accurate, complete and standard industry classification system. The eight exchanges adopting GICS are: Oslo Børs, Copenhagen Stock Exchange, Stockholm Stock Exchange (all of which have been using GICS since 2001), as well as the Iceland Stock Exchange, Helsinki Stock Exchange, Riga Stock Exchange, Tallinn Stock Exchange and Vilnius Stock Exchange.
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