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Registration of stocks in Euros?

The Iceland Stock Exchange (ICEX) suggested this week that Icelandic companies should have the right to register their stocks in Euros rather than in the Icelandic Krona.

Thórdur Fridjónsson, director of ICEX, told Fréttabladid that he would like to see registration of stocks in Euros happening before the end of the year.

ICEX has not received any formal requests from companies regarding changing the registration of their stocks yet, but according to Fréttabladid’s sources, ICEX will soon receive such requests.

Fridjónsson said he believed companies should be able to choose a currency in which to register their stocks, but he said registering stocks in Euros has both pros and cons.

For companies that mostly invest abroad, Euros are the better choice, but if they have the biggest part of their investments in Iceland, they should stick with the Krona, he explained.

As the Icelandic Krona is more prone to fluctuations than Euros, registering stocks in Euros is a tempting choice, and a fluctuating currency does not attract foreign investors to Iceland, Fridjónsson added.

The Consultation Committee on Business Service at the Foreign Ministry, representatives from the Central Bank in Iceland, the Icelandic Securities Depository (ISD) and ICEX are currently discussing the possibility of allowing registration of stocks in Euros.

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