The merger between the OMX-owned Finnish Central Securities Depository (APK) and VPC, its Swedish equivalent, was finalised on Friday.
The aim of creating a Finnish-Swedish CSD (NCSD) is to facilitate the harmonization of rules and settlement processes and promote the adoption of a common technology platform – thereby accelerating the “horizontal” integration of post-trade processing.
The new NCSD will process approximately 75 percent of total Nordic CSD activities.
Capital Gains Tax is to be introduced on stock exchange transactions at a rate of 25%. The Hungarian Minister of Finance, Tibor Draskovics, announced the move at a press conference on Friday.
The Minister of Finance also disclosed plans to levy a 6% tax on the difference between net and gross interest incomes earned by banks and other specialist financial institutions.