Helsinki District Court Rejected the Claims of Twenty Banks and Brokerage Firms Against OMX.STOCKHOLM, Sweden -- Helsinki District Court rejected the claims of twenty banks and brokerage firms against OMX OMX Office Max (stock symbol) . The award holds that twenty of twenty-two banks and brokerage firms in total are precluded from presenting their claims. OMX Exchanges Ltd and Helsinki Stock Exchange “HEX” redirects here. For other uses, see HEX (disambiguation).
For Wikipedia's help pages, see . Ltd, subsidiaries of OMX AB (STO:0MX), and Finnish Central Securities Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Ltd (APK APK Algemene Periodieke Keuring (Dutch) APK Amplitude Phase-Shift Keying APK Afrikaanse Protestante Kerk (Afrikaans Protestant Church) APK Albion Portal Keep ), a former subsidiary of OMX AB, are since June 2004 defendants in a lawsuit in Helsinki District Court in which twenty two banks and brokerage firms have made claims totaling to approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.1 million plus interest related to value added tax value added tax n (BRIT) → impuesto sobre el valor añadido or agregado (LAM) value added tax n (Brit that the banks and brokerage firm paid to Helsinki Exchanges Helsinki Exchanges (HEX) The Helsinki Exchanges (HEX Ltd., Helsinki Securities and Derivatives Exchange and Clearing House) was formed at the beginning of 1998 following the merger of the Helsinki Stock Exchange Ltd. and SOM Ltd. and APK for trading and clearing services during years 1995-2000. Helsinki District Court rendered today an award in which it held that twenty of those twenty-two banks and brokerage firms are precluded from presenting their claims due to an arbitration agreement concluded on March 8 and 11, 2002 by and between those twenty banks and brokerage firms on one side and OMX' subsidiaries and APK on the other side. In the arbitration agreement the parties waived their right to present further claims outside the arbitration proceedings related to value added tax that the banks and brokerage firm paid to Helsinki Exchanges and APK for trading and clearing services during years 1995-2000. Consequently, the court rejected the claims of those twenty banks and brokerage firms. The award is not legally final as it can be appealed. The lawsuit in Helsinki District Court continues between two banks and brokerage firms and OMX' subsidiaries and APK. The amount claimed by these two claimants is approximately EUR 493,000 plus interest. About OMX | OMX is a leading expert in the exchange industry. Through the Nordic Exchange in Copenhagen, Stockholm, Helsinki, Riga, Tallinn and Vilnius, OMX offers access to approximately 80 percent of the Nordic and Baltic securities market. Our integrated technology solutions span the transaction chain enabling efficient securities transactions for exchanges, clearing organizations, central securities depositories and other financial institutions around the world. OMX is listed on the Nordic Exchange in Stockholm, Helsinki and Copenhagen. For more information, please visit www.omxgroup.com. This information was brought to you by Waymaker http://www.waymaker.net |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion