OMX and NOS share the vision of a consolidated Nordic Baltic derivatives clearing platform. The long term realization of this vision also includes plans to start joint development of a next generation clearing system.
As a first step NOS will replace the current financial clearing system, FOCS, with OMX’s SECUR™ clearing system by 2006. NOS will also outsource the operation of the new platform to OMX for a period of ten years.
Together, OMX and NOS will evaluate how to set up a development cooperation and will explore if Qepta®, the commodity clearing system developed and used by NOS today, can be further developed to a next generation derivatives clearing platform. For this purpose OMX will acquire a license for Qepta®.
“The agreement with OMX will secure NOS’ long term role as provider of clearing services to the Norwegian market as well as help us to further strengthen our business by improving our clearing solutions through new products and functionality. The cooperation gives NOS a long term strategic role in the future development of the integrated Nordic Baltic market. We are proud and excited to participate in the creation of next generation clearing platform for the global market.” said Morten Erichsen, CEO of NOS ASA.
"The partnership with NOS simplifies pan-Nordic derivatives clearing and is another important step in making the Nordic Baltic derivatives market more efficient. Combining NOS’ and OMX’s technology assets, competence and experience to create a next generation clearing system, will reinforce our market leading position,” said Magnus Böcker, CEO of OMX.
