In ine with its strategy of focusing on marketplaces – exchanges, clearing organizations and central securities depositories – rather than technology, OMX has sold Palion, its Australian banks and brokers business, to GBST Holdings Limited. Discussions with prospective partners for OMX’s Nordic banks and brokers business are ongoing and are expected to be finalized before year-end.
Palion, which was acquired by OMX in 2004, provides systems and services to some 25 Australian brokers and employs 7 people. The agreement includes GBST assuming full responsibility for the existing Palion customer base and is expected to close in the fourth quarter of 2005. GBST’s acquisition of Palion for AUD 5.1 million is expected to have a marginal impact on OMX’s results.