Sweden's OMX and NOS ASA, the Norwegian Futures and Options Clearing House, have formed a technology alliance that will also see the two firms working together to develop a next generation clearing platform based on NOS's commodity clearing application, Qepta.
OMX says it will license the Qepta system and work with NOS to explore development possibilities for the platform.
Under the tech deal, NOS will also replace its current financial clearing system, FOCS, with OMX's Secur clearing system by 2006. NOS will outsource the operation of the platform to OMX for a period of ten years.
Commenting on the move, Morten Erichsen, CEO of NOS ASA, says: "The agreement with OMX will secure NOS' long term role as provider of clearing services to the Norwegian market as well as help us to further strengthen our business by improving our clearing solutions through new products and functionality.
"The cooperation gives NOS a long term strategic role in the future development of the integrated Nordic Baltic market."
Magnus Böcker, CEO of OMX, says the deal with NOS is "another important step in making the Nordic Baltic derivatives market more efficient".