The agreement to acquire 100% of Oslo Clearing from Norway’s Oslo Børs VPS Holding ASA, announced in December 2012, closed on 2 May 2014. With this step SIX Securities Services continues to expand its service offering across Europe.
According to Thomas Zeeb, CEO, SIX Securities Services, ‘Taking on Oslo Clearing is a key part of our internationalization strategy and highly complementary to our existing business. Our clients will have access to the Nordic markets while clients in those markets stand to benefit from the efficiencies and economies of scale. Additionally, we see significant opportunities for future product extensions and diversification.
Oslo Clearing is now 100% owned by SIX Securities Services and is authorized to act as a central counterparty in accordance with the Norwegian Securities Trading Act. Oslo Clearing currently carries out CCP clearing of financial directives and securities lending products.
This acquisition strengthens SIX Securities Services international footprint. Our position as the leading CCP for primary exchanges enables clients to consolidate an additional market. This also significantly improves our position through leveraging our strong regional client base. The consolidation of additional volumes and clients on to a single platform is also expected to help reduce unit costs and increase flexibility for our clients.
‘All parts of the value chain in the securities market are subject to new regulation and increased competition. 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’, says Bente A. Landsnes, CEO of Oslo Børs VPS.