Conclusion of MAC meeting on new CSD-system in Sweden
As informed in our latest newsletter issued 30 September, Euroclear Sweden has together with the market participants investigated different options that would offer the Swedish market a CSD platform compliant the CSD Regulation (CSDR).
The next step in this process was to get a recommendation from the Swedish Market Advisory Committee (MAC) today, 7 October on how to move forward. The recommendation from today´s meeting is that we should proceed with the implementation of a new Swedish CSD platform, building upon the BaNCS Market Infrastructure software that Euroclear is deploying in Finland.
Göran Fors, Chairman of the Euroclear Sweden MAC comments:
- I am pleased to announce that today the MAC has made a positive recommendation for the development of a new CSD platform in Sweden in line with the CSDR timeline.
Yannic Weber, CEO of Euroclear Sweden and Euroclear Finland continues:
- We very much appreciate the market´s contribution in the process regarding the transformation of the post-trade market infrastructure in Sweden. The Securities Dealers´ Association CSD Working Group has played a key role in this as well as MAC members and representatives from our participants.
By choosing this option Euroclear Sweden will be able to achieve full compliance with the CSDR as well as with other European standards for corporate actions and ISO messages.
Timeline for a new Swedish CSD platform
Euroclear Sweden is already in the starting phase of the program, and the work on the new CSD platform will start for the participants in early 2016, ending in line with the CSDR timeline.