Omhex starts operations

Omhex, the company formed by the merger of Sweden's OM Technology and Finland’s Helsinki Exchanges (Hex), which operates the country’s derivatives exchange, started trading today.

The combined group will offer investors access to around 80% of the Nordic region’s equities, said Omhex, and will also provide transaction technology for financial and energy markets.

“This is truly a historic day for the new Omhex company and an important step in the creation of an integrated Nordic and Baltic market, a market that we will now further develop together with our customers and other market-place entities,” said Magnus Bocker, chief executive of Omhex.

Omhex’s securities division, Hex Integrated Markets, will have four business areas: cash markets, derivatives markets, settlement and depository, and Baltic operations. The company said the merger is expected to create annual cost savings of Skr220 million ($26 million) pre-tax. Integration and restructuring costs are estimated at Skr430 million ($51 million).

“The creation of Omhex is expected to provide benefits for issuers, members and investors through increased liquidity, efficient member access, a broader range of services and lower costs when connecting to the Nordic markets,” said Omhex.