Nasdaq consolidates its CSD business in Europe
Nasdaq CSD Iceland merges with Nasdaq CSD SE.
Nasdaq has announced the merger of Nasdaq CSD Iceland with Nasdaq CSD SE. The combined company, Nasdaq CSD SE, is set to operate in Latvia, Estonia, Lithuania and Iceland.
Thanks 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. Migration of the securities settlement platform in Icelandic markets is scheduled to be fully implemented on June 15, 2020.
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.