Market infrastructure - Norway

28.03.2012

Institutions and organisation

Stock Exchange - Oslo Børs (www.oslobors.no)

The Oslo Stock Exchange is the only stock exchange in Norway. Authorised brokerage firms and the Norges Bank (the Norwegian central bank) are the only institutions permitted to be members of the Stock Exchange. All listed Norwegian securities are now dematerialised and held in the Central Securities Depository, Verdipapircentralen ASA.

CSD - Verdipapircentralen ASA (VPS ASA) (www.vps.no)

VPS ASA is the Central Securities Depository in Norway and a Norwegian public limited company that is authorised to register rights to financial instruments subject to the legal effects of the Securities Register Act.

It is a computerised book-entry system in which the ownership of publicly traded Norwegian securities is recorded. As CSD, it clears and settles trades in the Norwegian securities market, and provides services relating to stock issues, distribution of dividends and other corporate actions for companies registered in VPS ASA.

Clearing house - NOS Clearing ASA (NOS ASA) (www.nos.no)

NOS ASA is the clearing house for derivative instruments and operates under licence from the Ministry of Finance. The company is also approved by the American Commodity Futures Trading Commission (CFTC) to carry out clearing of trades on the International Maritime Exchange (Imarex). Imarex is the only authorised and regulated marketplace for trading and clearing of maritime derivatives contracts.

CCP- Oslo Clearing ASA (www.osloclearing.no)

Oslo Clearing ASA is the entity in charge of the clearing of financial derivative and security lending products.

CCP- Oslo Clearing CCP (www.osloclearing.no)

Oslo Clearing CCP is responsible for the clearing of trades in equities, equity certificates and ETFs on Oslo Børs and for trades in equities on Oslo Axess.

The service is provided by Oslo Clearing ASA, which currently offers a CCP service for clearing derivatives trading on Oslo Børs.

Central Bank- Norges Bank (www.norges-bank.no)

Norges Bank is responsible for the settlement of cash payments related to trading in securities and financial derivatives in Norwegian Krona (NOK).

Regulatory structure

Finanstilsynet, the Financial Supervisory Authority of Norway, supervises the securities market, including the Central Depository, VPS ASA and the broker/dealers and custodians, and also ensures it operates in accordance with the Act of 1956.

Norges Bank assists Finanstilsynet in the supervision of banks and brokers.

The Ministry of Finance is in charge of the regulation of the securities market and its participants. It also supervises and approves the rules of quotation and admission to the Stock Exchange.