Investment Bank Puts Off Registering Stocks in Euros Skip to content

Investment Bank Puts Off Registering Stocks in Euros

Iceland-based investment bank Straumur-Burdarás has postponed registering its stocks in Euros at the OMX Nordic Stock Exchange in Iceland after the Central Bank of Iceland sent a letter to the stock exchange criticizing the move.

Straumur-Burdarás had planned to start trading with euros tomorrow.

Central Bank governor Ingimundur Fridriksson told Morgunbladid the reason for the bank’s criticism was that there is a legal uncertainty regarding registering stocks in euros at OMX, which has to be cleared first.

Director of OMX Thórdur Fridjónsson said the matter involves a legal formality which the Central Bank wanted to look into in more detail, especially in regards to whether it is legal for Landsbanki Bank to be responsible for Straumur-Burdarás’ stocktaking, as the Central Bank is usually responsible for such matters.

“It is possible that the laws in question must be amended, though I don’t think it will come to that,” Fridjónsson said. “We thought there was nothing preventing us in making an agreement like that, but we have to make sure that the legal basis is clear.”

Fridjónsson added that it is important nothing undermine Iceland’s image as a future financial center.

It is not known how long the delay will be.

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