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Spinning the wheels of the VPC system

Settlement and Asset Services team at Euroclear Sweden

Spinning the wheels of the VPC system

Victoria Björkegren is team leader for SAS, Settlement and Asset Services, at Euroclear Sweden. Here she talks about operational challenges and the work that gets the VPC system to function.

“We make sure the clearing and settlement process run smoothly for our customers, with all that implies”, Victoria Björkegren explains.

Björkegren became team leader of SAS in February this year, but she has been with Euroclear Sweden for much longer than that. Her job is to hold together the various processes involved in the team’s work. And they are quite a few.

“In general it’s about handling payments and other transactions, ensuring that all systems are functioning properly,” Björkegren says. “We help our customers get through their business at the desired time and without technical hassles.”

Keeping track of the statistics

For some team members, much of the daily work consists of monitoring and acceptance testing of the systems. They help customers proactively to ensure that the business is going through.

“We simply keep track of the participants in the VPC system, making sure they have money in their accounts when trades are settled, so that they can get through their business without delay”, Björkegren explains. “It may be necessary to remind them of this now and then!”

SAS team also deliver monthly statistics on clearing and settlement, late net payments and timeliness. The statistics are published on the Euroclear website and is watched by both participants and authorities.

“The statistics is a clear sign on how the companies are run, if they are late with payments and such”, Björkegren says. “This is usually interesting for both other customers of ours and for supervisors such as the Swedish Financial Supervisory Authority.”

Three million annual statements

Victoria Björkegren, SAS team leader at Euroclear Sweden

Another task for the team is to handle cross-border transactions and taxes. And to distribute the three million annual statements to holders of securities accounts each year.

“This is a project going on for almost the whole year”, Björkegren says. “We start at Easter and the grand finale is when all annual statements are sent out within a month, shortly after the year end – and when completed, the project starts over again…”

Adapts to customer requirements

Björkegren says that much time is spent to test and develop the systems.

“We are constantly working to adapt to the new regulations, such as FATCA, and other changes taking place in the financial market. Even SWIFT, the international communication system for transactions made between banks and financial institutions, comes with updates. And if customers have requests and suggestions for development of the systems we try to solve it too.”

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On the picture, from left to right:

Quentin Berillon, Victoria Björkegren, David Larsen, Helena Nordin, Jan Andersson, Shadip Rahman and Henrik Cederqvist. Some team members are missing on the picture.

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