ICEX sees the merger between OM and HEX as a very positive step. The merger will strengthen the Nordic co-operation of stock exchanges and lay the foundation for increased efficiency of clearing and settlement as HEX operates also the Finnish central securities depository. The central concept of NOREX was to bring together the Nordic exchanges and be seen as a single market for trading. NOREX was not complete without the involvement of the Finnish exchange. ICEX is therefore very pleased that HEX will now be part of NOREX.
HEX intends to move on to the same trading system as the other NOREX exchanges. This move will increase exposure of all securities listed on the exchanges, making it more attractive both to be listed on ICEX and to buy and sell securities in the Icelandic market.
Investors will in the future have access to the entire Nordic market through one and the same trading system. A unified market eases trading and makes Icelandic securities more accessible to foreign investors. Higher activity and liquidity is expected to improve the price formation and lower transaction costs. ICEX believes that this merger will benefit the Icelandic securities market in its efforts to attract foreign investors.
Thordur Fridjonsson, President and CEO said: "This merger is an important milestone on our way to a unified Nordic and Baltic securities market which will give Icelandic companies and investors easy access to a large and efficient market, while also making it easier for foreign investors to trade in the Icelandic market."
