HBO aims to start offering its services on February 25, 2002 at latest, when Tallinn Stock Exchange (TSE) will adopt HEX's trading system.
HBO will be acting as a remote account operator, playing an important role in settlement of trades and rendering of back-office services on the Finnish side of the TSE and HEX's new trading environment.
"It is an important gateway to enable TSE's remote members to settle the cross-border transactions in an effective way," said Ahto Kink, Managing Director of ECDS.
"HEX's strategy is to offer all marketplace services related to securities trading, clearing and settlement. We actively develop outsourcing services for market participants, and HBO's account operator status is an important link in our service chain to Tallinn Stock Exchanges's remote members," says Jukka Ruuska, President and CEO of HEX Group.
HBO offers clearing and settlement services to Finnish and foreign professional investors and acts as a custodian to common funds.
ECDS has nine account operators: Hansapank, HBO, Eesti Ühispank, Eesti Krediidipank, LHV, Nordea Pank, Preatoni Pank, Sampo Pank and Tallinna Äripank.
