"Nasdaq CSD is the first CSD in the EU to be reauthorized under the European CSD Regulation (CSDR). This is the first time a common authorization, supervision and regulatory framework for CSDs has been instituted at a pan-European level," the company said in a press release.
"Societas Europaea" is a legal term used to define a pan-European legal entity.
.@Nasdaq Merges its Baltic CSDs to Create Nasdaq CSD! Find out more: https://t.co/3QMl1laX9S #NasdaqCSD #NasdaqBaltic pic.twitter.com/8c0mMGOmzg
— Nasdaq Riga (@NasdaqRiga) September 18, 2017
Following the cross-border merger, from today, Nasdaq CSD has joined the pan-European securities settlement platform TARGET2-Securities (T2S), a major financial infrastructure project initiated by the European Central Bank which is intended to make cross-border settlements easier and more efficient.
It provides post-trade infrastructure and securities services for Baltic market participants. The CSD is a key element in the Baltic financial market, settling shares and other securities issued by companies and governments.
Indars Ascuks, Head of the Nasdaq Baltic Market and CEO of Nasdaq CSD said: “We believe that these changes will increase the competitiveness of the Baltic securities market and create valuable synergies for all participants.”
"The merger of Nasdaq’s Baltic CSDs aims to increase the competitiveness of the post-trade ecosystem in the Baltic region and ensure more integrated securities trading and post-trade services for companies and investors in the Baltics and abroad. The legal entity of Nasdaq CSD will be based in Latvia, with local branches in Estonia and Lithuania. Client servicing and local business will continue in all three countries as before," the company said.
The merged entity has a new website too, HERE.
