Merger Of Nasdaq CSD Iceland Completed08.25.2020
Nasdaq announces that the final step in the merger of Nasdaq CSD Iceland with Nasdaq CSD SE (Nasdaq CSD) took place today with the successful technical migration of the Icelandic securities market to the Nasdaq CSD SE (Nasdaq CSD) securities settlement platform. The Icelandic branch will now be positioned to leverage the full potential of Nasdaq CSD‘s securities settlement platform and links to create new opportunities for domestic and international clients. Nasdaq CSD announced the merger with Nasdaq CSD Iceland on May 25.
“This is a very important milestone for the Icelandic securities market,“ says Magnus Kristinn Asgeirsson, Head of Nasdaq CSD in Iceland. “Icelandic market participants and issuers of securities will now enjoy greater service and choice of products, enabling them to gain more leverage for new business opportunities. This transition enables us to embrace and advance new innovation in this field for the benefit of our clients.”
The final step in the merger of Nasdaq CSD Iceland with Nasdaq CSD made today with the successful technical migration of the Icelandic securities market to the Nasdaq CSD👏. New business opportunities for clients – easier access for foreign investors. More https://t.co/cWzBKYJeUG pic.twitter.com/I8PLl4K0L6
— Nasdaq Iceland (@NasdaqIce) August 24, 2020
Besides numerous advantages for Icelandic market participants, this transition will ease foreign investors’ access to the Icelandic market, through more standardized settlement and custody procedures in accordance with international requirements. Future product developments include opportunities for foreign investors to settle Icelandic securities in Euros and Icelandic companies to issue securities in Euros.
“This successful migration of the technical part of the merger enables us to now deliver outstanding services to all of our customers in accordance with international standards and procedures,“ says Indars Ascuks, CEO of Nasdaq CSD. “We welcome our Icelandic clients into a new world of securities settlement and look forward to working with them in evolving the Icelandic securities market.”
Nasdaq CSD has integrated Nasdaq CSD Iceland into its harmonized CSDR compliant governance and operational model, ensuring safer and more efficient post trade services in the Icelandic market in accordance with internationally recognized standards.
A shorter custody chain brings significant efficiencies and enhances the client experience.
SDX can operate a stock exchange and a CSD for digital assets in Switzerland.
The Commission is expected to prepare a legislative proposal by the end of this year.
The UK central securities depository suffered a settlement system outage on 11 September 2020.
The change ensures compliance with CSDR after Brexit.