Nasdaq confirmed this week that it will merge Nasdaq CSD Iceland with Nasdaq CSD SE, and that the combined company, which will be called Nasdaq CSD SE, will operate in Latvia, Estonia, Lithuania and Iceland. Subsequent to the merger, the company said, 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.
Positioning the move as a great milestone for their clients in the Icelandic market as the two CSDs “enter into an international securities settlement environment,” Head of Nasdaq CSD Iceland Magnus Asgeirsson said it was “by far the most significant infrastructural and technological upgrade the Icelandic securities market has gone through in the past 20 years.” He added that it will enable them to embrace and advance new innovation for the benefit of their 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. According to a company statement, 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,” said 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,” he added.
Nasdaq confirmed that Ascuks will continue as CEO of the combined company after the merger, and that Magnus Asgeirsson will join the Management Board of Nasdaq CSD, as well as continue to lead the Icelandic operations of the Nasdaq CSD group.