OM reports losses, completes Jiway restructuring

OM reports losses, completes Jiway restructuring

Swedish technology group OM, which recently took control of troubled pan-European retail share dealing platform Jiway, is reporting a net third quarter loss of Skr193 million, compared with a profit of Skr112 million for the same period last year.

OM blames the losses on restructuring charges against Jiway and a sharp drop in trading volumes on the Swedish Stock Exchange, which it owns and operates.

OM took complete control of Jiway in October, after trading partner Morgan Stanley pulled out of the loss-making joint venture.

OM says the transfer of Jiway Limited in London to the OM London Exchange will result in the loss of 16 jobs, including Ian McNeil, former chief operating officer of Jiway Holdings. Lynton Jones, Jiway chairman and CEO, will act as a consultant to OM on a project basis. Of the 45 staff, 29 will move to the OM London Exchange and will continue to operate the Jiway market.

OM chief executive Per Larsson believes the integration of Jiway with the company's London operations will enable it to run the exchange at considerably reduced costs.

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