Euroclear Finland has completed a successful migration to the European Central Bank’s (ECB) Target2-Securities (T2S) settlement system, joining the ranks of more than 20 European countries that are already on the platform. Announcing the transition in a press release, the CSD writes that “since 11 September 2023, all Finnish securities that are in the register of Euroclear Finland have been settled on T2S”.
As the centralised settlement platform in Europe, T2S was set up to reduce fragmentation in the region. It aims to make settling central bank money securities more efficient by lowering risk and increasing liquidity. Following its successful migration, Euroclear Finland says that its clients, which include banks, central counterparties, and issuers, “will benefit from longer trading hours”.
Euroclear Finland’s CEO Hanna Vainio comments that the move was made possible by “significant investments into the Finnish CSD system to meet the common European standards and operating models”.
Euroclear Finland wasn’t the only one to complete migration on 11 September. Euroclear Bank, one Croatian CSD, and two Bulgarian CSDs also joined T2S on the same day.