The main stock-market index of Iceland that collapsed during the 2008 Icelandic financial crisis was the OMX Iceland 15.
Iceland’s three largest commercial banks—Glitnir, Landsbanki, and Kaupthing—expanded rapidly before 2008, taking on liabilities far larger than Iceland’s economy could easily support. When global credit markets froze, refinancing became difficult and the banks failed or were placed under state control.
The OMX Iceland 15 was heavily affected by the banking collapse. Trading was suspended in October 2008 and later resumed with a much lower index value after bank shares were removed from the calculation.
The Icelandic crisis is sometimes described only as a stock-market crash, but it was fundamentally a banking and currency crisis as well. Iceland received an IMF-supported stabilization program and introduced capital controls during the aftermath.