22 August 2017
visit www.avoka.com

Stockholm and Toronto exchanges settle lawsuits

26 October 2004  |  3269 views  |  0 stock exchange

The Stockholm Stock Exchange has reached an agreement to repay 19 of its customers Skr99 million plus interest in settlement of a VAT lawsuit. The Toronto Stock Exchange, meanwhile, has settled with Ashton Technology to pay C$3.33 million plus C$0.2 million costs over a collapsed agreement to provide stock pricing technology.

The Stockholm bourse settlement reflects a dispute over Skr144 million in VAT refunds awarded to the exchange following a change in status for trading conducted over the SAX and SOX system.

In 2002, 19 banks and brokerage firms filed a lawsuit against the Stockholm Stock Exchange, claiming repayment of the VAT that they paid to the stock exchange during the period. The Stockholm Stock Exchange rejected the lawsuit.

The Exchange's climbdown comes a week ahead of the first court hearings on the case.

In a joint statement, Lars O Grönstedt, chairman of the Swedish Bankers' Association and president and CEO of Handelsbanken - one of the major creditors in the claim - and Magnus Böcker, president and CEO of OMX, say: "OMX has a vision of an integrated Nordic securities market, which the Swedish securities trading community should support. Therefore it has been important to reach this settlement."

Seperately, the Toronto Stock Exchange has reached a settlement in a long-running dispute with Ashton Technology over the cancellation of an order for the Philadelphia company's eVWAP large block trading system. An independent arbitrator ruled against TSX in June last year. The C$3.53 million total payout is significantly less than the US$30 million originally claimed by Ashton.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

TSX to shut down Posit Canada order matching network

TSX to shut down Posit Canada order matching network

01 October 2004  |  5692 views  |  0 comments
OMHEX profits soar on merger synergies

OMHEX profits soar on merger synergies

20 April 2004  |  3741 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.vasco.comdownload the paper nowvisit www.dorsum.eu

Who is commenting?

A Finextra member Finextra Member Commented on: Real-time payments in...
A Finextra member Finextra Member Commented on: Barclays uses sensors...

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
11996 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
10435 views comments | 22 tweets | 32 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
9944 views 0 | 5 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
9728 views comments | 10 tweets | 8 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
9651 views comments | 19 tweets | 23 linkedin