Iceland Stock Exchange will become part of an integrated Nordic and Baltic securities market and participate in establishing the OMX Nordic Exchange as a leading European marketplace by the end of this year. This decision has raised the profile of the Icelandic market and the opportunities available to foreign investors.

A share purchase agreement between OMX and the owners of Eignarhaldsfelagid Verdbrefathing (EV) was signed on October 19th meaning that the Iceland Stock Exchange (ICEX) and the Icelandic Securities Depository (ISD) will join the OMX Nordic Exchange. The closing of transaction and inclusion of EV into OMX’s accounts are planned to take effect by the end of November 2006 and then the integration process will start immediately. The integration of Icelandic companies into the OMX Nordic List is planned on 1 January.

On signing the agreement Thordur Fridjonsson, President and CEO of ICEX said: “This agreement marks the beginning of a new era for the Icelandic securities market. ICEX will continue to focus on strengthening the market by seizing new opportunities presented by the combination with OMX. We believe that the interest Iceland has attracted during the course of this year underpins further growth and increased visibility will in turn kindle more interest.”

“We look forward to taking our cooperation to the next level and welcoming the Icelandic marketplace into the OMX Nordic Exchange. We are creating an integrated Nordic home market to increase intra-Nordic trading and improve the attractiveness to international investors. It is very encouraging to contribute to the increased visibility of Icelandic companies as they will join the common Nordic list, OMX’s information services and OMX-wide indices ”, says Jukka Ruuska President business area Nordic Marketplaces OMX.

Increased foreign interest

Iceland Stock Exchange detects increased interest from abroad. With two data vendors signing up just recently, a new foreign remote member has now joined ICEX. The Board of ICEX has granted JPMorgan Securities Ltd ( London) membership to ICEX equities. ICEX members are now 27, thereof six foreign remote members.

Thordur Fridjonsson, President and CEO of ICEX, commented: “We warmly welcome JPMorgan Securities Ltd to ICEX. JPMorgan is a leading global bank and we feel that their presence in the market would add a positive dimension to it. We are also confident that JPMorgan Securities Ltd will be the first of many new members to join ICEX in the months ahead."

Sources:
The OMX website