Iceland’s stock exchange is now among the world’s smallest, and a
Libyan company has shown in interest in buying part of Kaupþing in
Luxemborg.
At one time among the world’s largest trading floors, Iceland’s stock exchange – Kauphöll – is today among the world’s smallest when compared to the country of origin’s GNP. Director Þórður Friðjónsson told RÚV that in 2007, Kauphöll was trading revenues 300% larger than Iceland’s total revenue base. And while things now aren’t quite as they were then, Friðjónsson believes all economic signs indicate that there’s nowhere for Iceland to go but up.
In related news, Luxemborgois authorities and an investment group from Libya have expressed in interest in taking over Kaupþing’s Luxemborg branch and making a complete reorganization. An offer made on Monday was rejected. Spokesmen for Kaupþing told RÚV that the current offer is an improvement, and negotiations are ongoing. A resolution is expected this weekend.