London Stock Exchange Group and Oslo BØrs to Pursue Strategic Partnership
London Stock Exchange Group is pleased to announce that it has agreed a letter of intent with Oslo Børs to form a strategic partnership, a key component of which includes the provision of trading services to its equities, derivatives and fixed income markets.
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.
Commenting on its decision, Bente A. Landsnes, Chief Executive Officer 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 London Stock Exchange Group, 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.”
It is envisaged TradElect, LSEG’s state-of-the-art trading system, will replace Oslo Børs’s existing equity market platform in 2009/10. TradElect offers Oslo Børs flexibility not only for future changes in requirements and additional functionality, but also for increases in capacity and improvements in latency.
More details will be made available upon completion of terms.
For further information, please contact:
London Stock Exchange Group
John Wallace +44 (0)20 7797 1222
Per Eikram +47 22 34 17 46
A copy of Olso Børs’s release is available at http://www.oslobors.no/ob/presserom