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Stockholmsbörsen Rejects Demand For VAT Repayment

Date 19/12/2002

On June 20, Stockholmsbörsen received a writ from banks and brokerages concerning a demand for the refund of value added tax paid during the years 1993 - 2000 (see also press release dated 2002-06-20).

Yesterday an arbitration court ruled that Helsinki Exchanges (HEX) is liable to reimburse brokers for the value added tax that HEX has been refunded for the years 1995-2000.

Stockholmsbörsen underlines that the facts of the Finnish arbitration differs totally from the ongoing Swedish proceeding between Stockholmsbörsen and the banks and brokerages. Stockholmsbörsen maintain that the claims made by the banks and brokerages lack foundation because, among other considerations, the banks and brokerages in question had through reduced prices already received compensation for the increased cost represented by the payment of VAT. Accordingly, Stockholmsbörsen rejects all of the claims.