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Euroclear Nordics closer towards harmonised European standards

Yannic Weber
Yannic Weber, CEO Euroclear Sweden and Euroclear Finland

On 2 February, Euroclear Finland successfully launched its first release of the new CSD platform Infinity which is based on TCS’s package for market infrastructures; BaNCS MI.

This was the first step towards the replacement of the entire CSD infrastructure that will finally connect the Finnish market to TARGET2-Securities in 2017. Euroclear Sweden is also investigating adopting the Market Infrastructure package to meet the needs of the Swedish market.

Decision on new Swedish platform during spring
Our main objective for Euroclear Nordics is to offer the financial market a reliable, flexible, cost-efficient and standardised infrastructure. We aim to harmonise market practices towards European standards and, to the extent possible, re-use proven mainstream technologies as well as benefit from the experiences gained from the platform rebuild in Finland.

We have now finalised the pre-study regarding a new CSD platform for Euroclear Sweden, and our teams are in the process of collecting all input from internal and external sources to produce the high level business requirements. The next steps include delivering a business case for the implementation of the new platform and presenting this to the Euroclear group Management Committee and Euroclear Sweden Board during this spring for funding of the Swedish CSD platform rebuild whilst we keep the Market Advisory Committee up-to-date on our progress. We hope to start a detailed requirements phase in Q3 2015.

Successful first release of Euroclear Finland’s new CSD system
As of 2 February 2015 Euroclear Finland has a new fixed income system. This is the first step towards the replacement of its entire CSD infrastructure. The second release is scheduled for May 2016 and will replace the current equity market systems and the central register. After this, Euroclear Finland will have its entire core CSD systems fully replaced. The third release in February 2017 will finally connect the Finnish market to TARGET2-Securities.

Part of a multi-year investment improving post-trade services
Yannic Weber, CEO of Euroclear Finland and Euroclear Sweden comments:
- Euroclear is making a very large multi-year investment to substantially improve the post-trade services in the Finnish market. Re-building the core CSD systems brings us one step closer to T2S that we will join in early 2017 as part of the fourth wave. This major overhaul of the market infrastructure is made under very tight time constraints, and is carried out in close co-operation with our participants. Our objective is to offer much better services to accommodate the rapidly changing needs of all types of clients and seize new business opportunities, he summarises.

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