The Iceland Stock Exchange (ICEX, now OMX Nordic Stock Exchange in Iceland) is one of the youngest stock exchanges in the world, established in 1985. Trade began in 1986 in T-bonds, which were the only listed securities for the first few years. The stock exchange has developed very quickly in recent years. In June 2004, shares of 42 companies were listed on the ICEX
and ICEX members were 20. The ICEX-15 rose 39,7% for the first two quarters of the year 2004 (99,7% over 12 months period) and indicators signals that it can rise even more.