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Iceland’s FSA halts trading in banking stocks

Iceland’s Financial Services Authority has halted trading in banking stocks ahead of an expected government announcement.

A statement from the OMX Nordic Exchange announced that trades in financial instruments issued by Exista, Glitnir, Kaupthing, Landsbanki , Straumur-Burdaras and SPRON would be frozen to safeguard the equality of investors while awaiting an announcement.

Last week, the Icelandic government nationalised the country’s third largest bank Glitnir and speculation is rising that some of the remaining banks are likely to be merged to create a stronger financial institution.

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