In the early years, we focused on setting up the business, building the systems and we emphasised registration of securities. But as we acquired more and more customers, it was necessary to shift orientation towards the market and customer relations. We concentrated on operational reliability and we were offering reduced pricing. Towards the change of the millennium, we saw a growing competition globalisation of the securities markets and we positioned ourselves by developing end user solutions like VPS Investor Services and similar services. In addition to that it was important to ensure continued security for our systems and mitigation of risk.
Now, 30 years after the establishment of VPS, the European legislation and expected competition necessitate a renewal of large parts of our business. We are already well underway to make the adjustments necessary to meet the next years’ challenges in a proactive manner. To prepare VPS for the future, we have started a renewal programme that will comprise IT systems, organisation, qualifications, market practice and a new license. 30 years after our establishment, we are thus starting to develop the next generation VPS and the renewal programme has therefore been given the name VPS 2.0.
For 30 years, VPS has served the Norwegian securities market in a satisfactory manner. The main tasks of a central securities depository have been, and will continue to be, to ensure safety and efficiency for issuers, owners and traders of securities and to contribute to financial stability.
Where will VPS be in another 30 years? I would not dare to predict so far ahead, but during 2017 we will operate under a new European license, offer new and improved products and services, continue to have skilled and motivated employees and customers will experience even greater value when using the VPS systems.
John-Arne Haugerud, CEO