Market infrastructure - Iceland


Institutions and organisation

Stock Exchange - Nasdaq Iceland hf. (

Nasdaq Iceland hf. is the market place for Icelandic securities, including treasury bills and notes, financial futures and options, shares and bonds.

Stock exchange activities within the Nasdaq Iceland hf. are operated under the provisions of the stock exchange licences possessed by Nasdaq Copenhagen A/S, Nasdaq Stockholm AB, Nasdaq Helsinki Ltd and Nasdaq Iceland hf.

All trades in dematerialised securities on  Nasdaq Iceland hf. are transferred automatically to the Central Securities Depository (CSD), NCSD, as matched trades. NCSD sends payment instructions to the Central Bank of Iceland that acts as intermediary for netting in the payment system.

CSD - NCSD (Nasdaq verðbréfamiðstöð hf.)(

Nasdaq verðbréfamiðstöð hf. (Nasdaq CSD Iceland hf. or NCSD), formerly known as VS or ISD (in May 2015, the Icelandic Securities Depository changed its legal name to Nasdaq CSD Iceland hf.) functions as registry, depository and clearing house for the settlement of securities in dematerialised form. All trades in dematerialised securities executed on the Stock Exchange are cleared and settled through NCSD.

NCSD is also the National Numbering Agency for Iceland.

Central Bank - Seðlabanki Íslands (

The Central Bank, among other responsibilities, coordinates the payment systems and the financial markets. It is also in charge of supervising the day-to-day monetary and foreign exchange operations.

Regulatory structure

The Financial Supervision Authority (

NCSD operations are subject to the supervision of the Icelandic Financial Supervisory Authority.