This report provides policy recommendations to further strengthen the functioning of the Swedish equity markets. In addition to a detailed empirical analysis, it draws from interviews and consultations with key institutions and market participants.
The empirical mapping contained in the report illustrates the evolution of both the public and private markets over the past two decades. It also examines the ownership structure of Swedish listed companies and the funding choices of the corporate sector more broadly. International comparisons are included throughout the report, with the ambition of putting Swedish developments into a broader European context. This up-to-date mapping is based on an earlier OECD report from 2025 titled The Swedish Equity Market: Institutional Framework and Trends.
Detailed descriptions of data sources, selected indicators and the methodology for data collection and analysis are provided in the Annex. The OECD has also conducted fact-finding missions and consultations with market participants, including Nasdaq Stockholm, domestic pension funds, leading legal and financial advisors, as well as a range of other market stakeholders. The report has benefitted greatly from these interviews and consultations, and the team gratefully acknowledges the contributions.
The report has been prepared by the Capital Markets and Financial Institutions Division of the OECD Directorate for Financial and Enterprise Affairs in co-operation with the Swedish Corporate Governance Institute (SCGI). It was authored by Carl Magnus Magnusson and Laura Torelli under the supervision of Alejandra Medina, Head of the Financial Economics Unit, and Serdar Çelik, Head of Division, all from the OECD. From the Swedish Corporate Governance Institute, the authors are Erik Lidman, Professor of Corporate Law, Mats Isaksson, Director, and Jesper Zackrisson, PhD candidate. The report is part of a broader SCGI project on Swedish capital markets, co-financed by the Nasdaq Nordic Foundation and Vinnova.