SIX acquires Oslo Clearing 17 December 2012Zurich Reporter: Jenna Jones
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SIX has agreed to purchase Oslo Clearing from Oslo Børs for approximately 180 million Norwegian krone. The acquisition is set to close in Q2 2014.
Oslo Clearing currently carries out CCP clearing of financial directives and securities lending products. Once the deal is completed, it will become a part of Securities Services, the post trade division of SIX.
Thomas Zeeb, CEO of Six Securities Services, said: “[Our firm] has, since its inception, been at the forefront of interoperability initiatives in Europe to allow customers to benefit from greater competition and freedom of choice as to who they clear with.”
“The acquisition of Oslo Clearing is complementary to our existing businesses and provides a further expansion of choice, both for existing SIX clients as well as Oslo Clearing clients, who will benefit from single-interface access to additional markets as well as greater efficiencies and economies of scale. Additionally, we see significant opportunities for future product extensions and diversification as part of our post-trade value chain.”
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