Nasdaq Consolidates its Central Securities Depository Business in Europe
Reykjavik/Tallinn/Riga/Vilnius, May 25, 2020 – Nasdaq (Nasdaq: NDAQ) today announced the merger of Nasdaq CSD Iceland with Nasdaq CSD SE (Nasdaq CSD). The combined company, Nasdaq CSD SE, will operate in Latvia, Estonia, Lithuania and Iceland. Subsequently to the merger, the Icelandic branch will be positioned to leverage the full potential of Nasdaq CSD‘s securities settlement platform and links to create new opportunities for domestic and international clients.
UPDATE: New settlement system to be implemented on August 24
After consultations with customers, Nasdaq CSD has decided to extend the testing period for the introduction of the new settlement system in Iceland. A new date for the launch has been set to August 24.
“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,” says Magnus Asgeirsson, Head of Nasdaq CSD Iceland. “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.“
Nasdaq CSD, the first CSD in Europe to gain an operating license according to the European Central Securities Depository Regulation (CSDR), was recently granted authorization to provide services in Iceland. Nasdaq CSD has integrated Nasdaq CSD Iceland into its harmonized CSDR compliant governance and operational model, ensuring safer and more efficient post trade services in the Icelandic market in accordance with internationally recognized standards.
“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,” says Indars Ascuks, CEO of Nasdaq CSD. “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.”
Indars Ascuks, CEO of Nasdaq CSD continues as CEO of the combined company after the merger. Magnus Asgeirsson will join the Management Board of Nasdaq CSD, as well as continue to lead the Icelandic operations of the Nasdaq CSD group.
Nasdaq (Nasdaq: NDAQ) is a global technology company serving the capital markets and other industries. Our diverse offering of data, analytics, software and services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
About Nasdaq CSD
The Nasdaq CSD Group operates regional central securities depositories in the Baltics and Iceland, with business presence in Estonia, Iceland, Latvia and Lithuania. It provides post-trade infrastructure and a wide range of securities services for Baltic and Icelandic market participants. The CSD is a fundamental element in the financial markets, settling transactions in shares and other securities issued by companies and governments. Nasdaq CSD has over 50 bn EUR under custody and services over 7,500 issuers in Iceland and the Baltics. Nasdaq CSD SE is licensed under the European CSDR and supervised by the respective regulatory institutions. The depository is powered by straight-through processing technology connected to the pan-European T2S platform. Nasdaq CSD is a part of the Nasdaq Group. Nasdaq, Inc., the ultimate parent, provides trade and post-trade services in more than 50 countries. To learn more, visit nasdaqcsd.com.