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NDAQ » Topics » NASDAQ and Borse Dubai committed to Finansplats Stockholm

This excerpt taken from the NDAQ 8-K filed Sep 26, 2007.

NASDAQ and Borse Dubai committed to Finansplats Stockholm

NASDAQ and Borse Dubai are committed to Finansplats Stockholm and the Nordic and Baltic region, including the Nordic and Baltic regulatory and operational frameworks and procedures. NASDAQ and Borse Dubai recognise that the Stockholm financial sector is one of the most important drivers of the Swedish economy. The strategy of the new company, to be formed by NASDAQ’s acquisition of OMX from Borse Dubai following completion of the Borse Dubai Offer and to be called The NASDAQ OMX Group, Inc. (“NASDAQ OMX”), builds on the strong existing businesses, market models and stakeholder influence of OMX.

NASDAQ and Borse Dubai will support investments in ongoing research and development in Stockholm and will promote Stockholm as a global financial technology and know-how centre of excellence. NASDAQ OMX will provide the Nordic and Baltic region and Finansplats Stockholm the resources and infrastructure necessary to grow the business, which is likely to increase employment opportunities in Stockholm, and will seek to ensure that Stockholm is acknowledged as a leading financial centre in Northern Europe by 2010. In order to strengthen the competitive position of Finansplats Stockholm, NASDAQ and Borse Dubai fully support the ongoing development of areas such as:

 

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Regulation and supervision: NASDAQ OMX will be committed to the existing Nordic and Baltic regulatory and operational frameworks, procedures and efficient supervisory authority. NASDAQ will continue its active engagement with the U.S. Securities and Exchange Commission, Treasury Department and Congress to ensure that there is no U.S. regulatory spillover directly or indirectly as a result of this transaction. The Financial Supervisory Authorities in all the seven jurisdictions concerned have received written assurances to this effect from the SEC

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Competition: NASDAQ OMX will safeguard the Nordic and Baltic region’s competitive position in the upcoming MiFID environment by enhanced efficiencies and innovative approaches to trading and pan-European market structure

 

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Efficiency and transparency: NASDAQ OMX will continue to focus on low cost, transparency and market efficiency to the benefit of the Nordic and Baltic capital markets

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Education and research: NASDAQ OMX will stimulate education and research through, among others, seminars and academic committees within the concept of Finansplats Stockholm

Furthermore, NASDAQ confirms its commitment to:

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the European headquarters of NASDAQ OMX being located in Stockholm;

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the world technology business headquarters of NASDAQ OMX being located in Stockholm;

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key senior positions remaining in Stockholm, including Head of Technology business, Head of Technology Operations, Head of Nordic Marketplace;

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four OMX directors being recommended to be on the NASDAQ OMX Board, including the Deputy Chairman; and

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the OMX Nordic Exchange Board remaining as is, with its current Nordic composition.

NASDAQ and Borse Dubai are confident that, together, the two organizations can provide OMX with strong growth opportunities within the developed, European financial markets with Stockholm as the operational base for pan-European efforts, as well as in the emerging markets using its Stockholm-based technology business and know-how to help develop capital markets in high growth regions worldwide.

 

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