Nasdaq has merged its Icelandic central securities depository (CSD) with its Baltic-based settlement houses to form a newly combined group.
The move means the Icelandic CSD will be able to leverage the full benefits of Nasdaq’s securities settlement platform and links to create new opportunities for domestic and international clients.
Migration of the securities settlement platform in Icelandic markets will be fully implemented on 15 June.
“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,” said Magnus Asgeirsson, head of Nasdaq CSD Iceland.
Nasdaq was the first CSD in Europe to gain an operating license according to the European Central Securities Depository Regulation (CSDR), and was recently granted authorisation to provide services in Iceland.
Nasdaq also plans to integrate the Iceland CSD into its harmonised CSDR-compliant governance and operational model, ensuring safer and more efficient post-trade services in the Icelandic market in accordance with internationally recognised 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,” added 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.”