Terra Securities ASA was a

Norwegian Norwegian, Norwayan, or Norsk may refer to: *Something of, from, or related to Norway, a country in northwestern Europe * Norwegians, both a nation and an ethnic group native to Norway * Demographics of Norway *The Norwegian language, including ...

security company A private security company (PSC) is a business entity which provides armed or unarmed security services and expertise to clients in the private or public sectors. Overview Private security companies are defined by the U.S. Bureau of Labor Stat ...

that sold various financial instruments, index options,

hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as s ...

s and other investment securities through 78 local

savings banks A savings bank is a financial institution whose primary purpose is accepting savings deposits and paying interest on those deposits. They originated in Europe during the 18th century with the aim of providing access to savings products to all ...

that are members of

Terra-Gruppen Eika Gruppen, formerly Terra-Gruppen, branded as Terra is a strategic alliance among 77 local Norwegian savings banks that co-ordinates work within the areas defined as falling within the alliance. The group supplies products and services to banks ...

. In 2006 it had a market share of 1.92% on Oslo Stock Exchange, rating it as the 21st largest of 49 security companies in Norway. The company was a subsidiary of

Terra Markets Terra Markets AS (formerly known as Orion Securities AS) is a Norwegian investment banking firm in the Norne Securities group. Terra Markets employs 75 professionals in brokerage, equity research, market making and corporate finance. The equi ...

that is owned by Norne Securities. In 2007 the company was hit by the

Terra Securities scandal The Terra Securities scandal was a scandal that became public in November 2007. It involved highly speculative investments by eight municipalities of Norway in various hedge funds in the United States bond market.Mark Landler"U.S. Credit Crisis Ad ...

that after having misinformed eight municipalities in Norway as to the risk of their investments. On 28 November 2007 the company filed for bankruptcy after the

Financial Supervisory Authority of Norway Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fin ...

had stripped Terra Securities of its brokerage license.

References

Financial services companies of Norway Companies based in Oslo Financial services companies established in 1997 Financial services companies disestablished in 2007 Defunct companies of Norway 2007 disestablishments in Norway Norwegian companies established in 1997 {{Norway-bank-stub