Stockholmsbörsen, the Swedish stock exchange, is still rejecting a writ from 20 banks and brokerages for a refund of Skr180m (€20m) in value added tax although a court has ruled that Helsinki Exchanges (HEX) must make a similar reimbursement.

Last week an arbitration court found that HEX is liable to repay 19 brokers €11.3m ($11.6m) in value added tax that the Finnish exchange was refunded between 1995 and 2000.