Sweden’s central securities depository (CSD) is set for a major transformation as it adopts cloud‑based technology and a DLT layer, forming a scalable platform aligned with European market standards and designed to enhance straight‑through processing (STP).
The move builds on a decade‑long partnership between TCS and Euroclear, following TCS’s role in modernising the group’s Finnish CSD.
At the core of the upgrade, TCS BaNCS for Market Infrastructure will provide a cloud‑ready CSD platform supporting end‑to‑end operations across asset classes — including registry, depository services, cross‑border settlement, and asset servicing. Complementing this, TCS Quartz will introduce a distributed ledger technology (DLT) and AI‑enabled layer to support tokenised assets and decentralised settlement models.
Together, these deployments complete Euroclear’s Nordic transformation strategy, delivering a unified, cloud‑ready CSD platform across Sweden and Finland that combines a traditional CSD core with a DLT extension and modern cloud infrastructure.
The transition will be phased, culminating in the migration of the Swedish market to TARGET2‑Securities (T2S) in 2030, enabling secure and efficient pan‑European settlement.
Hanna Vainio, CEO of Euroclear Sweden and Finland, described the initiative as a key pillar of the group’s “One Nordic” vision to harmonise business and IT practices across the region. “By integrating our regional operations, we are not only enhancing efficiency for our clients but also reinforcing our position as the preferred Nordic CSD, dedicated to the long‑term prosperity of the Nordic financial ecosystem,” she said.
CSD participants will benefit from a double‑entry accounting system supporting both omnibus and end‑investor models, alongside multiple settlement mechanisms, including liquidity‑optimised settlement across securities and cash. The platform ensures compliance with European and global standards such as SMPG, CAJWG, and CSDR. Quartz also supports co‑existence of ISO 15022 and ISO 20022.
