The Copenhagen Stock Exchange Welcomes Swedish-Finnish Merger

Today, OM HEX and VPC issued a declaration of intent to merge the Swedish securities depository, VPC, and the Finnish securities depository, APK, owned by OM HEX, under the name NCSD. EXIGO, OM HEX’s newly developed system for securities depositories, will be implemented in Finland already in 2005-2006, later it will also be implemented in Sweden. NCSD has acquired the right to use EXIGO throughout the entire Nordic region.

As from September 2004, all the Nordic exchanges will be using the same trading system, SAXESS. The NOREX Alliance has thus ensured that all countries are using the same system. As regards settlement, all the Nordic countries presently have their own securities depositories with own systems. Foreign brokers will thus find it easy to effect trades, whereas settlement of securities trades has not been simplified.

The Copenhagen Stock Exchange has the following comments to the announcement of the intended Nordic securities depository:

“The Copenhagen Stock Exchange welcomes the new Nordic securities depository, NCSD. The real challenge faced by the Danish equity market as well as the other Nordic equity markets is the fact that all countries have their own clearing and settlement systems. The proposed merger and the introduction of the same settlement system in Finland and Sweden may be the first step towards one common settlement system for the entire Nordic region. Naturally, the Copenhagen Stock Exchange welcomes this development”, says President and CEO of the Copenhagen Stock Exchange, Hans-Ole Jochumsen.