SIX Securities Services completes Oslo deal 02 May 2014Switzerland Reporter: Tammy Facey
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SIX Securities Services completed its acquisition of Oslo Clearing today.
SIX initially agreed to buy Oslo Clearing from Oslo Børs for 180 million Norwegian krone in December 2012.
Thomas Zeeb, CEO of SIX, said: “Taking on Oslo Clearing is a key part of our internationalisation strategy and highly complementary to our existing business.”
Oslo Clearing currently carries out central counterparty (CCP) clearing of financial derivatives, equities and securities lending products. It will become a part of securities services, the post-trade division of SIX.
Bente Landsnes, CEO of Oslo Børs VPS, commented: “The market needs larger and more robust European clearing corporations, and for Oslo Clearing collaboration with SIX x-clear will represent an exciting continuation of the technology and expertise they have built up over several years.”
“The merged company will be a long-term high quality partner for clearing of equities and derivatives in Norway and in the Nordics.”
Oslo Clearing will maintain its planned implementation of CPP interoperability for equities clearing with LCH.Clearnet.
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