Join us for an exclusive interview with DNB's Head of Issuer & Investor Services Nicolai Christensen, who shares his journey and expertise in the Norwegian securities market. With extensive experience in the industry, he offers a unique perspective on the challenges and opportunities, including harmonisation, cybersecurity, and the potential of digital assets. Discover how his team is shaping the future of post-trade services and learn about the unexpected lessons he's uncovered in the financial world.
Tell us a bit about yourself and your role at DNB
My name is Nicolai Christensen and I am the Head of Issuer & Investor Services at DNB. I have been with DNB since 1998, except for a three-year period when I worked at Verdipapirsentralen (now known as Euronext Securities Oslo). This experience has given me a deep understanding of the industry and a strong familiarity with Euronext Securities Oslo and many of its employees.
In my current role, I lead a team that acts as the bridge between issuers and Euronext Securities Oslo in our capacity as Issuer/Paying Agent/Issuer Account Operator, as well as a bridge between investors and Euronext Securities Oslo in our capacity as Investor Account Operator. We assist issuers in registering with the CSD, handle dividend distributions, organise and facilitate digital and traditional general meetings, manage employee share savings plans, provide technical support for all types of corporate events and act as a speaking partner for issuers and their legal advisors.
Our team delivers a wide range of services to participants in the Norwegian securities market, and DNB holds a significant market share in this area. We are working closely with various parts of DNB to distribute the service from Euronext Securities Oslo to the Norwegian market.
We also provide subject matter expertise to Euronext on major projects and initiatives such as Convergence, the Common Corporate Action Platform, amongst other initiatives. My team consists of approximately 30 highly skilled individuals with extensive knowledge of the infrastructure of the Norwegian securities market.
On a personal note, I own and live on a farm outside Oslo. I enjoy skiing, hunting, working out and traveling. I’m married and we have a son who has been an active ski jumper for many years.
What do you see as the biggest opportunity and challenge that needs to be addressed in the post-trade industry?
The post-trade industry is at a pivotal juncture, presenting both significant opportunities and challenges.
One critical area is harmonisation. It is important to note that harmonisation does not equate to consolidation. The primary focus for CSDs in the Nordics should be aligning with EU standards rather than exploring mergers and acquisitions.
T2S and T+1 will be here shortly. It’s crucial that the Norwegian infrastructure can support this transition to remain a relevant registry/listing venue.
Enhancing CSD's integration with tax authorities to obtain relief-at-source and efficient, integrated tax reporting is another significant opportunity. The implementation of the FASTER Directive will be a key step in this direction.
Cybersecurity and resilience are paramount. Ensuring the safety and security of assets against cyber threats is a top priority.
While the Nordics have not yet seen a significant push towards digital assets, this represents an opportunity.
Additionally, continuous simplification and streamlining of processes and procedures are vital for cost-effective operations. This includes leveraging system solutions and artificial intelligence (AI) to enhance efficiency. Furthermore, it is essential to remain responsive and agile in seizing business opportunities and developing new services and products.
What’s the most unexpected lesson you’ve learned or myth you’ve debunked by working in the financial industry?
When I first entered the financial industry, I believed that the infrastructure of the securities market was straightforward. However, the longer I have worked in this field, the more I have come to realise the immense complexity involved.
The infrastructure is a sophisticated network that requires seamless coordination and integration. It involves numerous processes and systems that must work together efficiently to ensure the smooth functioning of securities markets. This complexity is further compounded by the differences between various securities markets, each with its own unique set of rules and practices.
As I have gained more experience, I have come to appreciate the intricate nature of this infrastructure, and the continuous efforts required to maintain and improve it. This realisation has made me particularly excited about the initiatives Euronext is currently working on to standardise and harmonise processes across different securities markets whilst securing the integrity of the local markets.