The merger would enable its Icelandic branch to leverage the full potential of Nasdaq CSD‘s securities settlement platform
Nasdaq has merged Nasdaq CSD Iceland with Nasdaq CSD, in a move to consolidate its central securities depository business in Europe.
The combined company Nasdaq CSD will operate in Latvia, Estonia, Lithuania and Iceland.
The exchange operator said that the merger will enable its Icelandic branch to leverage the full potential of Nasdaq CSD‘s securities settlement platform and create new opportunities for domestic and international clients.
Nasdaq CSD Iceland head Magnus Asgeirsson said: “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.
“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 has integrated Nasdaq CSD Iceland into its CSDR compliant governance and operational model
The company said that the migration of the securities settlement platform in Icelandic markets is scheduled for full implementation on 15 June 2020.
According to the European Central Securities Depository Regulation (CSDR) Nasdaq CSD is the first CSD in Europe to gain an operating license, and was recently granted authorisation to offer services in Iceland.
Nasdaq CSD has integrated Nasdaq CSD Iceland into its CSDR compliant governance and operational model, to ensure safe and effective post trade services in the Icelandic market.
Following the merger, Nasdaq CSD CEO Indars Ascuks will continue as CEO of the combined company, while Magnus Asgeirsson will be appointed as member of the management board of Nasdaq CSD, and would continue as lead for the Nasdaq CSD group Icelandic operations.
Indars Ascuks said: “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.
“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.”