Trading in unlisted shares

Mangold offer trading in unlisted shares through our securities brokerage. The easiest way to get access to the services offered within our securities brokerage, is to become a customer with Mangold.

Information regarding trading in unlisted shares

Unlisted shares are not traded on a trading venue, such as a regulated market or a multilateral trading facility (MTF).

Investments in unlisted shares may involve greater risks than investments in shares traded on a regulated market or an MTF. Please review the risks associated with trading in unlisted shares below, under “Risks associated with trading in unlisted shares”.

If you are interested in trading unlisted shares

Mangold customer

As a customer of Mangold, you can trade through Mangold’s Securities Trading. All new customers at Mangold must conduct a so-called “fit assessment”, where Mangold, based on your knowledge and experience, assesses whether you are part of Mangold’s defined target group for unlisted shares.

Non-Mangold customer

If you are not a customer of Mangold, you can only communicate the buying and selling interests in these securities to us through other financial institutions. Other investment firms and banks that wish to express an interest in buying or selling on behalf of their clients or on their own account in the companies that Mangold offers brokerage in can do so by calling Market Making, tel. +46 8 503 015 85.

We kindly ask all non-Mangold customers, both private individuals and legal entities, to contact your bank or financial institution if you are interested in placing an order.

Unlisted shares Mangold offers brokering in

Mangold offers brokerage in the following unlisted shares:

Globopetz ABSE0006851507
Lantmännen ekSE0013359031
Retail United InternationalSE0011974328

Mangold’s brokerage in unlisted shares only covers public companies whose shares are unlisted and registered with Euroclear Sweden AB. Please note that there must be no reservation of residence on the shares.

Risks associated with trading in unlisted shares

Lower information requirements

Companies admitted to trading on a regulated market or MTF are subject to disclosure requirements by the company to the public. This implies, inter alia, that issuers prepare financial statements in accordance with applicable legislation and accounting standards. In addition, requirements are laid down for the manner, location and timing of the publication of financial statements, as well as rules on the content of the reports, audit and activity reports, and the preparation of forecasts and forward-looking statements. The purpose of disclosure requirements is to ensure that the entire market has reliable access to exchange-rate information.

There are no equivalent provisions for non-listed companies, which means that there is a different requirement to provide information to the market for these companies.

Maturity, governance and internal control

In order to obtain admission to a regulated market or MTF, companies are subject to a listing process, which checks their maturity. The process examines, among other things, the company’s finances, communication of information, internal processes, its board of directors and sometimes its owners. In some cases there are also requirements for documented earnings, equity and a certain spread of the company’s shares among owners.

There is no equivalent review process for non-listed companies. Since the same listing requirements are not applicable to non-listed companies, those companies are more likely not to meet the same maturity as listed companies.

Limited market liquidity and absence of market valuation

Unlisted shares are often traded manually, either by individual investors finding buyers or sellers for their shares or by institutions offering to broker those shares.

The fact that trading in unlisted shares is carried out manually often means that there is a lower turnover in unlisted shares than in quoted shares. This means that there can be a large bid-ask spread and that it can be difficult to dispose of holdings at a certain point in time if necessary.

The absence of a current market valuation may also make it difficult for an investor to follow the price structure of trading in unlisted shares as compared to shares traded on a regulated market or an MTF.


Mangold does not conduct any legal or financial review of the companies that Mangold offers brokerage in. Mangold assumes no responsibility for the companies that Mangold offers brokerage in carrying out their information, financial reporting or other activities.