SGSS engaged by IntercontinentalExchange for securities exchange in France
SGSS was engaged by IntercontinentalExchange Group (ICE) to manage the exchange of securities on the Euroclear Clearing Systems following its merger with NYSE Euronext.
ICE completed its acquisition of NYSE Euronext in November 2013 and SGSS was engaged to centralise the withdrawal of all the NYSE Euronext shares which were listed on the Paris Stock Exchange and held by financial intermediaries on behalf of shareholders. These shares were exchanged against ICE shares and/or cash redemptions, annulling the former shares and creating and admitting the new shares for trading.
The exchange of securities was successfully completed on 13 November 2013 and SGSS is now processing all fiscal aspects resulting from the operation. This process includes recuperating the withholding tax that is automatically applied to non-US residents in the United States so that each NYSE Euronext shareholder, under certain conditions and through their financial intermediary, is able to recuperate the amounts which were deducted, in compliance with Section 302 of the US Act.
The quality and reliability of service support provided by SGSS, along with its recognised market experience and international fiscal expertise, were key factors in ICE’s decision to select SGSS to accompany it through this transition. SGSS had previously assisted Euronext during its merger with NYSE in 2007.
IntercontinentalExchange Group (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures, Liffe and Euronext.