The Board of Euroclear Finland has today approved an adjusted plan for the Finnish market to join the European Central Bank’s Target 2 Securities (T2S) settlement platform in September 2023. The revised plan reflects the recent Covid-19 related delays in the roadmaps of various European financial market infrastructure projects and addresses the interdependencies between them.
The planned entry has received full endorsement from the Finnish market participants and support from ECB’s Market Infrastructure Board (MIB). The date precedes the launch of the Eurosystem Collateral Management System (ECMS), ensuring that access to collateral eligible securities in Euroclear Finland’s safekeeping continues from day one of the ECMS. Euroclear Finland will continue to work with ECB to formalize this new migration date during the first half of 2021.
“Market participants in Finland are happy that the ECB has given the first green light to Finland’s new T2S migration timeline and allocated a window that works well for us. Events in 2020 have posed major challenges to all infrastructure projects. I would like to thank Euroclear Finland and all participants for cooperation and flexibility in finding a way of steering Finland towards T2S among this turmoil”, comments Janne Palvalin, Chairman of the User Committee of Euroclear Finland.
“I am delighted and grateful for the unanimous support that we have received from the Finnish market participants and the good collaboration with the ECB on this new migration timeline. Our internal project has progressed well and we believe that Finland’s entry to T2S is now aligned with critical market requirements, giving us sufficient time for allowing a longer market acceptance testing period”, says Hanna Vainio, CEO, Euroclear Finland.