VPS, the Norwegian CSD, is to purchase the derivative clearing operation, NOS Clearing, to enhance the integration of the clearing and settlement infrastructure in the Norwegian securities markets.
The takeover will take effect from 1 September 2006. It is costing VPS NOK 175 million, but the CSD will receive NOK 103 million in cash and shares for its own stake in NOS.
NOS is the Norwegian futures and options clearing house for both financial and commodity derivatives. It was founded in 1987 as a public limited company, and has over 130 shareholders, including banks, securities firms, institutional and private investors and employees.
Imarex ASA, which runs NOS Clearing, is the central market for trading in cleared maritime derivative contracts, and has over 120 direct members, including ship owners, oil companies, trading houses and merchant banks.