Nasdaq Deutschland, the new German stock market established by the US tech exchange in conjunction with local banks and regional exchanges, has yet to attract any listings, the Financial Times reports.
Nasdaq is investing as much as EUR31.8 on its European operations says the FT.
The Berlin-based exchange is due to start operations at the end of this week and intends to win business from defunct German growth market Neuer Markt.
About two-thirds of the 250 companies listed on the Neuer Markt when it shut down in October switched to Prime Standard, Deutsche Boerse's main exchange listing category, according to the FT.
Nasdaq Europe, formed in 2001, started with about 60 listings and is now down to 36.