10:12 AM
Oslo Bors to Launch Derivatives Marketplace
Oslo Bors has announced it will establish Oslo Connect, a new regulated marketplace for trading over the counter derivatives.
Oslo Connect will be structured as a multilateral trading facility (MTF) and is based on marketplace rules to ensure standards of consistency and openness. The Financial Supervisory Authority of Norway has granted Oslo Bors authorization to establish the MTF.
Bente Landsnes, president of Oslo Bors and group chief executive officer of Oslo Bors VPS, said in a statement, “Oslo Bors recognized OTC derivatives as an attractive market in which to operate quite some time ago. We believe that it should be possible to trade in a market as large as this on a regulated marketplace. In addition, the financial crisis has made market participants much more aware of counterparty risk, and we can meet their needs with the services of Oslo Clearing.”
Oslo Clearing offers flexible settlement services and takes on counterparty risk for participants of both the standardized and OTC derivatives markets.
Traders can access Oslo Connect through either the Edge trading system provided by Baymarkets or through the Oslo Market Place Service for derivatives (MPS). The Edge system will also let users register trading interests and access pre-trade pricing information.