First time I hear it. Looks like it's some young horse/preliminary dressage competition, for Icelandic horses of course. Though, the intriguing part seems to be that this breed has 5 gaits, instead of usual 3 gaits (walk, trot, canter). They also have tölt and skeið (flying pace).
Anyway, before this the only thing I knew about Icelandic horses is that importing all other breeds is banned in Iceland because of them.