One step closer towards new Swedish CSD system
We will together with the market face an intensive year in starting the development of a new CSD system. It will offer standardisation benefits, increased flexibility and ensure compliance with the new CSD Regulation.
CSDs are faced with an ever-increasing need to more quickly and deeply adapt their systems to the new European regulatory landscape.
In order to ensure continued compliance with applicable regulations, Euroclear Sweden was faced with two options – to upgrade the existing VPC system or to build a new one.
In October, we together with the market, decided to go for the implementation of a new system, replacing the current one.
Niels Van Hee, Head of Application Development of Maintenance (ADM), will take a role in the implementation of the new system in Euroclear Sweden. He says that the new CSD system will, among other things, offer increased flexibility to the Swedish market.
"In the medium-term, the new system, built around ISO standards, will allow our clients to harmonise and standardise their own processes, potentially leading to cost reductions" Van Hee says. "In the long-term, with a more flexible system, we will be in a better position to upgrade our offering and provide new services to the market."
The new CSD system will be built on the same platform that is currently being rolled out in Euroclear Finland (Infinity), although specific Swedish market requirements will of course need to be implemented.
"Throughout the fall, we have met with all market participants informing them about the current status, what the high-level approach is towards the project and the high-level time plan", Van Hee says.
"We have asked our participants to name a project leader that will participate in the project kick-off taking place 28 January. We will then go through the project in a more detailed level."
The work within the project will be divided within several reference groups, where both the market participants as well as Euroclear Sweden will participate.