Helsinki, 30 October 2019 – Euroclear Finland has today announced that it will join the European securities settlement platform TARGET2-Securities (T2S) in November 2022. Key stakeholders have endorsed the timing, which is set to coincide with the launch of European Collateral Management System (ECMS), ensuring that access to collateral eligible securities in Euroclear Finland’s safekeeping continues smoothly from day one of the ECMS.
Joining T2S completes Euroclear Finland’s multi-year transformation journey, during which the company has undertaken a comprehensive infrastructure renewal program and reformed its processes and procedures to meet the requirements of the evolving European settlement landscape. T2S integration is instrumental when Euroclear Finland continues to pursue its wider business strategy as a part of the world’s leading post trade service provider, the Euroclear Group.
“The roadmap of joining T2S has been agreed in close collaboration with market participants, Bank of Finland and the European Central Bank. I would like to take this opportunity to thank all stakeholders for a good cooperation is reaching this decision. Just like in the previous stages of the Infinity program, we will work together with clients to ensure a smooth transition to T2S for the whole market. With our CSDR license and renewed infrastructure, we are now well positioned for better serving our Finnish, Nordic and global clients”, says Hanna Vainio, CEO, Euroclear Finland.
Euroclear Finland successfully deployed its new CSD system, Infinity, in May 2018. The most recent new features of Infinity include Partial Settlement, introduced in September 2019, and Equity Savings Accounts, which will become available for retail investors in Finland in January 2020.