A group of the Nordic region’s largest investors and companies are in discussions to create a “single, unified” stock exchange, Bloomberg News reported, citing sources.

The report said the initiative is being driven within Nordic Compass, which includes Wallenberg Investments, EQT, Nordea, Nasdaq, SEB and the Novo Nordisk Foundation, among others.

The group is examining how the capital markets in Sweden, Denmark, Norway and Finland could be integrated through harmonized regulations, the report said.

One option is to merge existing national exchanges to attract capital, increase the number of listings and strengthen the region’s competitiveness.

The work is still at an early stage, and no agreement has been reached, the report said.

A merger could face hurdles.

The Bloomberg report said Nasdaq controls most of the region’s national exchanges, while Euroclear plays a key role in the settlement of securities trades, and Euronext owns the Oslo stock exchange.

A solution would require cooperation among several players.

Nordic pension and sovereign investors manage nearly $4 trillion and receive annual inflows of more than $175 billion. Nordic Compass is expected to present its vision at a summit in Gothenburg in November.