Societe Generale in French securities exchange deal
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Societe Generale in French securities exchange deal 30 January 2014Paris Reporter: Daniel Jackson
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Societe Generale Securities Services (SGSS) was engaged by IntercontinentalExchange (ICE) Group to manage the exchange of securities on the Euroclear Clearing Systems following its merger with NYSE Euronext.
ICE completed its acquisition of NYSE Euronext in November 2013 and SGSS was engaged to centralise the withdrawal of all the NYSE Euronext shares that were listed on the Paris Stock Exchange and held by financial intermediaries on behalf of shareholders.
These shares were exchanged against ICE shares and cash redemptions, annulling the former shares and creating and admitting the new shares for trading.
SGSS is now processing all fiscal aspects resulting from the operation.
This process includes recuperating the withholding tax that is automatically applied to non-US residents in the US so that each NYSE Euronext shareholder, under certain conditions and through their financial intermediaries, is able to recuperate the amounts that were deducted.
The quality and reliability of service support provided by SGSS, along with its recognised market experience and international fiscal expertise, were key factors in ICE’s decision to select SGSS to accompany it through this transition, the company said.
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