Iceland Stock Exchange to register stocks in euros Skip to content

Iceland Stock Exchange to register stocks in euros

Companies in the OMX Nordic Stock Exchange in Iceland will be able to register their stocks in euros at the end of next month, as announced today by Einar S. Sigurjónsson, manager of the Icelandic Security Depository.

According to Fréttabladid, the Finnish Central Bank will be responsible for settling accounts with stocks registered in euros in May next year, but until then, the Icelandic Landsbanki Bank will be responsible.

The change enables companies to avoid the currency fluctuations of the Icelandic króna, which have often resulted in loss. It is also hoped that the move will encourage foreign investors to look towards Iceland.

A few large companies within the OMX Nordic Stock Exchange in Iceland have called for this change, among them Straumur investment bank, Exista investment company, Marel Food Systems and prosthetics designer Össur.

“This is very good news thought the change comes late,” said Össur CEO Jón Sigurdsson. “We fought hard for this many years ago and we had in fact stopped thinking about it.”

“Service for companies and investors will increase with this move and it will be interesting to observe what new opportunities it will create,” said Ólafur Ísleifsson, a professor of economics at Reykjavík University.

Ísleifsson added the change from króna to euros within the stock exchange in Iceland shows how strong the appeal towards a more stable currency which covers a larger market than the króna is proving.

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