Omhex starts operations

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.