Here at Burgundy we have made a survey of the 2010 annual reports of the large cap companies in the Nordics. This report showed out of the 136 companies, 60 percent includes information about the share turnover in the annual reports. Of these, 66 percent only includes the turnover on the listing exchange. Thus, the companies are sending out wrong signals about the liquidity in the share, i.e. how fast investors can buy and sell shares. This can lead to that investors might take the wrong decisions.
The survey showed that in Sweden, 58 percent of the companies now include information about trading on alternative venues, which is a big improvement from last year’s survey. However, in Norway, not a single company includes trading outside the listing exchange.