Baltimore Technologies begins trading on the US Nasdaq stock exchange this morning. Following an open offer, take-up from qualifying shareholders of 31.3 per cent of ordinary shares, worth £29.7 million sterling (#46.3 million). The remainder will be offered through today's global issue. It is understood the US offer price will be set approximately in line with Baltimore's price on the London stock exchange, which closed down 52.5p at £15.92 yesterday.