As Euroclear Finland winds down activities for the summer, CEO Hanna Vainio published a “summer greetings” message that primes the Finnish market for coming back to a very different CSD after the season. Come 11 September, Euroclear Finland will become the 20th European CSD to join the Target2-Securities (T2S) platform.
The preparations to get Euroclear Finland ready for the platform have been in motion for a long time. The move away from the legacy CSD system began about 10 years ago and culminated in the adoption of Infinity Release 2 in 2018 – a new system that, as Hanna Vainio mentions, “introduced a service level that is very close to the T2S environment”. The expectation is that Infinity Release 2 will allow the migration to T2S to happen with ease and minimal impact.
When Euroclear Finland joins, T2S will receive more than two million new book-entry accounts. Besides bringing features such as longer opening days and times as well as nighttime settlement, the platform will also “enable the Finnish market to join the new collateral set-up, the Eurosystem Collateral Management System (ECMS), when it’s launched in April 2024”.