Iceland Stock Exchange (ICEX) announced on Friday that it will not initiate merger discussions with OMX Exchanges after all, on the grounds that the arguments for staying independent are stronger.
Since May the ICEX Board of Directors has been evaluating and discussing the idea of a merger. They now say that, after a careful assessment of the advantages and disadvantages of a merger, the Board reached an unanimous conclusion. “The Board believes that for the time being there are on balance stronger arguments for proceeding with current policy and operations,” it said in an official statement.
The CEO and President of ICEX, Thordur Fridjonsson, stated that ICEX had been both careful and focused in the evaluation process and had amongst other sought the professional analysis of an outside and independent party, Boston Consulting Group.
Fridjonsson emphasised, however, that ICEX will remain committed to the Nordic co-operation (NOREX Alliance). He added that there are favourable conditions for ICEX to grow, but if circumstances change, ICEX’s position will be re-evaluated.