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On Friday, Finanstilsynet gave Børsen permission to outsource its business system. That makes Sigbjørn Gjelsvik of the Center Party turn on all the plugs.
Oslo Børs was allowed to move its business system to Euronext’s Optiq solution. That makes Sigbjørn Gjelsvik of the Center Party react.
Lise Åserud / NTB
Published:
The permit was announced by Finanstilsynet on Friday afternoon.
«9. In November this year, the Oslo Stock Exchange will use Optiq to trade stocks, share certificates and exchange-traded funds. Optiq is the common trading system for the Euronext Group’s trading venues. Trading in bonds and derivatives will move to the new trading system on November 30, 2020, “writes Finanstilsynet.
“The transition to a new trading system means that the Oslo Stock Exchange outsources some critical operational functions to other Euronext companies. Such subcontracting requires the permission of Finanstilsynet, which today has granted this permission, ”says the Authority’s report.
The relocation is a consequence of the acquisition of the Oslo Stock Exchange in June 2019 by the European stock market giant Euronext, which also has regulated markets in Belgium, France, Ireland, the Netherlands, Portugal and the United Kingdom.
Q: – Main business
The Center Party’s tax policy spokesman, Sigbjørn Gjelsvik, is among those who had previously criticized the sale of the Oslo Stock Exchange, and now he is not polite either.
Sigbjørn Gjelsvik, spokesman for fiscal policy in the Center Party.
Håkon Mosvold Larsen
We were very critical of the acceptance of the offer by Finanstilsynet on the Oslo Stock Exchange, and now we see further development, with main tasks being outsourced to the Euronext system.
– I also question the justification given by Finanstilsynet, and the conclusion they reach, he says.
Gjelsvik has already announced that it plans to send a written question to Finance Minister Jan Tore Sanner on what the minister thinks about the terms of the merger.
– Here we go into the central tasks of the Oslo Stock Exchange operations, and it is precisely in the areas that the Authority itself cites in the letter, the conditions that were established for the merger, where no task could be subcontracted central that was necessary and integrated into the business.
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– Does not cling to grips
In Friday’s letter on outsourcing, the Authority refers to the terms of the 2007 merger, when the Oslo Stock Exchange merged with VPS Holding: “Basic tasks cannot be outsourced (tasks that are necessary and a part integral of the licensed business) “.
At the same time, the Authority adds that the Ministry of Finance in 2009 emphasized that the condition is not intended to restrict access to outsourcing with respect to matters already outsourced.
“Thus, this did not prevent the Oslo Stock Exchange from outsourcing the organization and operation of the trading system to the London Stock Exchange,” the Authority writes, continuing:
“Therefore, Finanstilsynet assumes that the Merger Terms do not limit the ability of the Oslo Stock Exchange to use Optiq, including the outsourcing of tasks related to the organization and operation of this trading system.”
– I mean it doesn’t depend on grip. Here we try to build a series of arguments to be able to give permission for it. Instead of actually taking the terms that are stated seriously. They are established for a reason and are tied to the main tasks. Finanstilsynet herself describes, point by point, what this is like within the central area.
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– blue rust pansy
The Authority writes in the next section, in the same letter, that they consider the admissions of members, the admissions of financial instruments for trading, market surveillance and the guarantee of orderly trading as core tasks for a trading venue, i.e. , «Fundamental tasks».
– Here you are on a full slide where you gradually give up power and authority over critical infrastructure and critical functions for the Norwegian stock exchange system. I think this, as the Finanstilsynet case describes, is contrary to the terms of the merger, says Gjelsvik.
– We have a pension fund of over NOK 10 billion. We own stock exchanges around the world. But we should not be able to have a complete stock exchange in Norway, where the main tasks are carried out from Norway. It is completely incomprehensible, and a worker’s thinking that is far from what we have historically thought in Norway.
