NOS Clearing’s financial business taken over by VPS Clearing
VPS is pleased to announce that the acquisition of NOS Clearing has now been completed and that VPS Clearing has taken over NOS Clearing’s role as central counterparty in financial derivatives operations with effect from today, 1 September 2006.
“The acquisition of VPS Clearing is an important contribution to our effort to strengthen our position as a solid, integrated provider of securities services in the Norwegian and Nordic market”, says Mr Jan Hellstrøm, President and CEO of the VPS Group.
“This is a great day in the further development of the Norwegian securities infrastructure”, says Christian Sjöberg, CEO at VPS Clearing. “By integrating VPS Clearing’s spearhead competence in derivatives settlement and risk management with the VPS Group’s strength in clearing and settlement, applications development and information services, we have a unique basis on which to meet future requirements for improved and more integrated services in the field of clearing and settlement”, he continues.
Mr Sjöberg is convinced that VPS Clearing, together with its clients and other central actors in the derivatives market, will be a driver in the effort to further develop the Norwegian derivatives market and to increase demand for derivatives products. At the same time VPS Clearing wishes to strengthen its international competitiveness by increasing its focus on product development, standardisation and increased integration vis-à-vis VPS Clearing’s members and institutional clients.
VPS Clearing is a public limited company licensed to operate as a clearing house for derivatives and securities lending and borrowing. The new company will have a solid equity capital base, and guarantees enabling it to handle both its current business and the increase in business volume envisaged by the company. As of 1 September the company’s capital base totals more than NOK 100 million comprising share capital and liquid assets. In the near future the company will expand its capital base through further insurance and guarantee arrangements.
VPS Clearing has a highly experienced and motivated team of staff, many with long experience from NOS Clearing. The staff team has moreover been reinforced with several new key personnel from similar operations in Stockholm and London. “We are looking forward to the period ahead, and will work hard to achieve our goal of further developing the Norwegian derivatives market and of raising demand for derivatives products in Norway”, concludes Mr Sjöberg.
For further information please contact
Christian Sjöberg, CEO, VPS Clearing ASA,
Tlf. +47 23 17 96 09, mobile 916 19 106 or