Nasdaq, an exchange operator, announced this Monday that it will be consolidating its central securities depository business in Europe, by merging Nasdaq CSD Iceland with Nasdaq CSD SE.
The combined company will be called Nasdaq CSD SE, and it will operate in Latvia, Estonia, Lithuania and Iceland. The central securities depository of the exchange operator was the first central securities depository was the first in Europe to acquire an operating license, according to the European Central Securities Depository Regulation (CSDR).
Following the merger, the company’s Icelandic branch will leverage the exchange operator’s securities settlement platform. According to the statement released today, the migration of the securities settlement platform is expected to be fully implemented on the 15th of June 2020.
Commenting on the merger, Magnus Asgeirsson, Head of Nasdaq CSD Iceland said in the statement: “Today marks a great milestone for our clients in the Icelandic market as we join Nasdaq CSD and subsequently enter into an international securities settlement environment.”
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“This is by far the most significant infrastructural and technological upgrade the Icelandic securities market has gone through in the past 20 years and will enable us to embrace and advance new innovation in this field for the benefit of our clients.“
Indars Ascuks remains CEO after Nasdaq merger
Indars Ascuks, the Chief Executive Officer (CEO) of Nasdaq CSD will stay on as the CEO of the combined company after the merger. Furthermore, Magnus Asgeirsson will join the Management Board of the combined entity. Asgeirsson will continue to lead the Icelandic operations of the Nasdaq CSD group.
“The post-trade environment is changing rapidly and we need to make sure that customers and investors in our markets have access to best-in-class products and services at any given time,” added Indars Ascuks, CEO of Nasdaq CSD in the statement.
“By combining our operations with Nasdaq CSD Iceland we create a larger, more diverse and efficient CSD for our clients, making us better equipped to deliver outstanding customer experience and attract more international customers.”