SIX expands Nordic post-trade with £20m purchase of Oslo Clearing
Swiss market operator SIX is to expand its post-trade infrastructure in Scandinavia with the acquisition of Oslo Clearing, a subsidiary of the Oslo Børs, for NOK180 million (£19.8 million).
The unit is authorised to act as a central counterparty in Norway and currently clears derivatives and securities lending products. It will become will be part of SIX Securities Services.
The move is part of SIX’s plans to position itself as a leading CCP for primary exchanges, allowing its clients to consolidate regional markets. As a result of the consolidation of additional volumes and clients on to a single platform, it also expects to help reduce costs. Integration work will start once the deal is finalised, which is expected to be in the first quarter of next year.
Thomas Zeeb, chief executive of SIX Securities Services, said: “The acquisition of Oslo Clearing is complementary to our existing businesses and provides a further expansion of choice, both for existing SIX clients as well as Oslo Clearing clients, who will benefit from single-interface access to additional markets as well as greater efficiencies and economies of scale. Additionally, we see significant opportunities for future product extensions and diversification as part of our post-trade value chain.”