New EUR/ISK domestic pair launches
"All interested parties hope this 'two-tier' market will prove a temporary phenomenon and that sometime in 2009 the markets will converge and allow Icelandic banks to trade once again in the international markets," said Peter Heath, business development manager, Nordics, at Thomson Reuters in London.
The new listing was a result of discussion between the broker, Sedlabanki, and Icelandic banks NBI, Nyi Kaupthing and Nyi Glitnir.
Iceland was hard hit by the banking crisis, as a dry-up in interbank funding after Lehman Brothers' bankruptcy led to the nationalisation of its three largest banks.
Saima Farooqi
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