05 December 2008 News

 

LSE and Oslo Bors partnership steps on OMX toes

The London Stock Exchange is to form a strategic partnership with Oslo Børs, a key component of which includes the provision of trading services to its equities, derivatives and fixed income markets. Trading on Oslo Børs and the Norex exchanges is currently carried out in the electronic trading system Saxess, which was developed by OM Technology, part of OMX Group – now Nasdaq OMX.

As a result of the deal it is expected that TradElect, the LSE's latest trading system, will replace Oslo Børs's existing equity market platform in 2009/10.

Norex is the strategic alliance between the Nordic and Baltic Exchanges, which consists of Oslo Børs and the following Nasdaq OMX Nordic exchanges: Nasdaq OMX Copenhagen, Nasdaq OMX Helsinki, Nasdaq OMX Stockholm, Nasdaq OMX Iceland, Riga Stock Exchange, Tallinn Stock Exchange and Vilnius Stock Exchange.

Commenting on its decision, Bente Landsnes, chief executive of Oslo Børs, said: "London is the financial centre of Europe. We are therefore very pleased that we both see opportunities through a strategic partnership. We have reached excellent results through our collaboration with Nasdaq OMX. However, based on the new competitive situation in which we find ourselves, we see that a partnership with the London Stock Exchange will be more complementary for our strategy."

Clara Furse, chief executive of the LSE, added: "We are excited about the prospects for partnering with Oslo Børs on market, business and technology developments. Oslo Børs has an impressive track record. It has built up a very strong energy sector in both cash and derivatives, and has attracted a broad range of international investors and exchange members. Moreover, we share a vision for cooperation, embedded in the use of shared technology and delivered in the interests of the market as a whole."

Subject to the successful completion of terms, Oslo Børs and LSEG will also cooperate on market and product development, and a deepening of ties between their markets.