Iceland joins Baltic unified CSD system

Trading platform Nasdaq on May 25 announced the merger of Nasdaq CSD Iceland (CSD standing for Central Securities Depository) with Nasdaq CSD SE, which covers the Baltic states.

The combined company, Nasdaq CSD SE, will operate in Latvia, Estonia, Lithuania and Iceland. Migration of the securities settlement platform in Icelandic markets is scheduled to be fully implemented on June 15.

Indars Aščuks, the Latvian CEO of Nasdaq CSD continues as CEO of the combined company after the merger. 

“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,” said Aščuks.

“Today marks a great milestone for our clients in the Icelandic market as we join Nasdaq CSD and subsequently enter into an international securities settlement environment,” said Magnus Asgeirsson, Head of Nasdaq CSD Iceland. “This is by far the most significant infrastructural and technological upgrade the Icelandic securities market has gone through in the past 20 years.“

The Nasdaq CSD Group operates regional central securities depositories in the Baltics and Iceland, with business presence in Estonia, Iceland, Latvia and Lithuania. It provides post-trade infrastructure and a wide range of securities services for Baltic and Icelandic market participants. The CSD is a fundamental element in the financial markets, settling transactions in shares and other securities issued by companies and governments. Nasdaq CSD has over 50 billion euros under custody and services over 7,500 issuers in Iceland and the Baltics.

Nasdaq CSD is a part of the Nasdaq Group. Nasdaq, Inc., the ultimate parent, provides trade and post-trade services in more than 50 countries.