Warning Against Dubai Bid for OMX
The business newspaper “Dagens Industri” reports that a leading British expert says it will be difficult for the Swedish authorities to approve the attempt by the Dubai Bourse to take over the Swedish-based Nordic-Baltic exchange owner OMX.
The Dubai exchange is currently in a bidding war with the American NASDAQ to acquire OMX. According to “Dagens Industri”, Ian Hay Davison, a former head of Lloyds of London who was forced to leave his position as a financial services regulator in Dubai, says the bourse there does not live up to western standards for supervision and oversight.
Meanwhile, NASDAQ has reportedly improved its chances of acquiring OMX by announcing plans to sell its 31 percent stake in the London Stock Exchange.