RD I don't think that these brokers act as market-makers. Normally they just sell shares electronically on behalf of their clients. This also goes for Merkur. When I buy shares I buy from an investor who has placed an order with a broker. As far as I understand this the broker does not own the shares at any stage. If you were a client of one of the big firms listed in my post you could I guess sell shares short in SIAF in Oslo if it was accepted by that firm (broker) even if you did not own any shares in SIAF. It therefore looks as if there could be substantial naked shorting in SIAF. I may however misunderstood things.
Market making in Oslo is not the same as on Nasdaq/OTC.
On Nasdaq or OTC, a broker firm just have to inform Finra that they now will make a market in a security more or less, the issuing company has no saying to this.
In Oslo the issuer/company sign a contract with a broker who guarantee liquidity in the stock. Then informs Oslo Börs about the agreement. From what I know, the market maker normally get compensated for the service and are then in a way working for the company. So if the market maker miss behaves, no one will sign a contract with that broker firm to be a market maker again. So Market Makers in Oslo normally have very good reputation and are appreciated by the market.
Here is an agreement both parties must sign for this.
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