Nasdaq Merges CSDs05.26.2020
Nasdaq announced the merger of Nasdaq CSD Iceland with Nasdaq CSD SE (Nasdaq CSD). The combined company, Nasdaq CSD SE, will operate in Latvia, Estonia, Lithuania and Iceland. Subsequently to the merger, the Icelandic branch will 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. Migration of the securities settlement platform in Icelandic markets is scheduled to be fully implemented on 15 June.
“Today marks a great milestone for our clients in the Icelandic market as we join Nasdaq CSD and subsequently enter into an international securities settlement environment,” says Magnus Asgeirsson, Head of Nasdaq CSD Iceland. “This is by far the most significant infrastructural and technological upgrade the Icelandic securities market has gone through in the past 20 years and will enable us to embrace and advance new innovation in this field for the benefit of our clients.“
Nasdaq CSD, the first CSD in Europe to gain an operating license according to the European Central Securities Depository Regulation (CSDR), was recently granted authorization to provide services in Iceland. 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.
“The post-trade environment is changing rapidly and we need to make sure that customers and investors in our markets have access to best-in-class products and services at any given time,” says Indars Ascuks, CEO of Nasdaq CSD. “By combining our operations with Nasdaq CSD Iceland we create a larger, more diverse and efficient CSD for our clients, making us better equipped to deliver outstanding customer experience and attract more international customers.”
Indars Ascuks, CEO of Nasdaq CSD continues as CEO of the combined company after the merger. Magnus Asgeirsson will join the Management Board of Nasdaq CSD, as well as continue to lead the Icelandic operations of the Nasdaq CSD group.
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