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Bringing you news, views and analysis since 2013

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ICE selects SGSS to manage Euroclear securities exchange in France

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IntercontinentalExchange Group (ICE) has selected Societe Generale Securities Services (SGSS) 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 US 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. 

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