The Nordic capital markets are well known for being technology-savvy, transparent, and highly collaborative. But as post-trade harmonisation and digitalisation accelerate, the region is being forced to adapt further and it is doing so selectively and pragmatically.
Ahead of the PostTrade 360° conference, Anne-Sofie Strandberg, Senior Country Officer for the Nordics at Broadridge takes a deeper look at three themes worth watching closely in the Nordics: the push towards T+1 and broader harmonisation, the region’s practical approach to tokenisation, and the measured adoption of AI.
T+1 is accelerating the push towards harmonisation
Post-trade harmonisation is an absolute prerequisite if markets are to operate frictionlessly, competitively, and safely at scale. That is why Nordic financial institutions are taking positive steps to make the region’s capital markets more homogeneous and the move to T+1 settlement on 11 October 2027 is giving that effort fresh urgency.
Like other European markets, the Nordics stand to benefit from T+1 through enhanced process automation, improved matching rates, better data quality, and stronger liquidity management. But the shift also comes with risks such as potential intraday liquidity pressures, FX funding constraints, and issues with securities lending access.
Only by preparing early and regularly testing their systems will firms be able to reduce the risk of late or failed trades once T+1 goes live.
The transition also sits within a wider harmonisation agenda. Sweden’s plan to join Target2Securities (T2S) remains a strategic priority, while Euroclear intends to harmonise its platform across Sweden and Finland, bringing a standardised T2S platform to both markets. Sweden and Finland are expected to migrate to T2S and the new platform by 2030, a move that should help reduce regional fragmentation, enable more seamless cross-border processing, and improve collateral mobility.
Underpinning both T+1 and T2S is the Central Securities Depositories Regulation (CSDR), which has introduced a more harmonised framework for central securities depositories and securities settlement. Together with ISO 20022 adoption, these initiatives are helping to lay the foundations for a more aligned post-trade environment.
At the same time, harmonisation in the Nordics is not always straightforward. Despite their similarities, the markets do not share a common currency, taxation regime, or legal framework. There are also important differences around corporate actions processing and beneficial ownership rules. Sweden has omnibus account structures in place, Denmark is adopting an omnibus account structure at the end of 2026, while Norway and Finland still operate a beneficiary structure at CSD level. Each market also has its own CSD, with Euroclear in Finland and Sweden, and Euronext in Denmark and Norway.
Data fragmentation remains another source of frustration. Many firms continue to operate on legacy infrastructure, while patchwork approaches to technology updates have created a mix of systems and operating models that can undermine standardisation rather than support it.
That challenge matters not only for T+1 readiness, but also for the region’s ability to take advantage of newer market innovations.
Tokenisation is moving towards practical opportunity
Interest in tokenisation is growing rapidly in the Nordics, but firms are approaching it in much the same way they are approaching harmonisation: with clear intent, but also with caution and pragmatism.
So far, there have been a handful of DLT-based bond issuances in the region, while some local players are conducting experiments into the viability of tokenising private market funds. Others are participating in industry groups dedicated to tokenisation. Nearly all firms, however, are keeping a close watch on the latest EU regulatory developments, including the Markets in Crypto-Assets Regulation (MiCA) and the DLT Pilot Regime, and what these rules could mean for the region.
The potential benefits are clear. According to Broadridge’s latest Digital Transformation Study, 69% of respondents in the Nordics said tokenisation will enable new business models and use cases to emerge. A further 60% said tokenisation would improve transactional efficiency, while 54% believe it will bolster security and data protection.
If successful, tokenisation could also help democratise share trading and fund investing, including in private markets, by lowering cost barriers to entry for retail buyers. Broadridge’s study found that 18% of respondents in the Nordics anticipate a large number of private funds will be tokenised within the next two years, rising to 29% who believe this could happen within three to five years.
Collateral management is another use case attracting attention. Some believe tokenisation could enable greater collateral velocity and mobility, reduced funding costs and real-time settlement. According to the ValueExchange, tokenisation of collateral could deliver savings of up to US$340 million for tier one financial institutions, while 52% of firms expect to go live with collateral tokenisation this year.
Even so, scaling tokenisation will not be easy. In the Nordics, the barriers include the absence of secondary market liquidity, limited regulatory clarity and standardisation, and a lack of interoperability between new digital ecosystems and legacy CSD infrastructure.
For smaller markets like the Nordics, it makes strategic sense to pursue tokenisation under the umbrella of a broader EU framework and only once standards have been more clearly defined and agreed. That emphasis on practical implementation over pure experimentation is also evident in the region’s approach to AI.
Industry engagement is also beginning to translate into practical infrastructure initiatives. Qivalis, a European bank-led project to develop a regulated euro stablecoin for on-chain payments, has drawn support from several major Nordic banks. This points to a region that is not only monitoring tokenisation closely, but also participating in the development of its future market infrastructure.
AI is gaining momentum
Financial institutions in the Nordics are leveraging AI and attitudes in the region are broadly positive. Broadridge’s Digital Transformation Study found that 67% of respondents in the Nordics believe generative AI will deliver operational efficiencies and cost reductions, while 61% said it would encourage workforce productivity and enablement. A further 65% believe agentic AI will improve customer experiences and personalisation.
In post-trade, AI is already being deployed in operations, compliance, and client services. By using AI to predict settlement fails, analyse reconciliation breaks, and validate corporate actions data, firms are looking to extract savings and support harmonisation efforts. Other common applications include anti-money laundering (AML) monitoring, sanctions screening, reporting, client communications such as chatbots, and the delivery of data-driven insights to customers.
At the same time, many institutions are still taking a wait-and-see approach. Broadridge’s study found that 84% of firms in the Nordics are waiting for generative AI to become more mature before they adopt it, while 42% said they are not confident the return on investment will pay off. An additional 52% said that a lack of skilled talent is holding them back from adopting agentic AI.
The technology is also not without risk. AI’s lack of explainability, its tendency to hallucinate, its cyber vulnerabilities, and concerns around data security have all been flagged by Nordic financial institutions as potential red flags. At the same time, many firms are keen to ensure that AI complements rather than replaces human expertise, so that greater automation does not come at the expense of a strong understanding of underlying processes and market structures. Used well, this balance should help firms cut through noise, focus on higher-value insights, and apply AI in ways that genuinely support better decision-making.
So, while the region is clearly open to AI, it is approaching adoption in a disciplined way, focusing on practical applications where the benefits are tangible and the risks can be managed.
A methodical approach to change
Taken together, these three themes point to a broader pattern in the Nordics. Whether the issue is T+1, tokenisation or AI, the region is not standing still.
That same mindset is visible in the growing shift towards platform-based models or shared services, underpinned by standardised data and API connectivity. In a region where markets are individually quite small and duplication of infrastructure is difficult to justify, platform-based approaches can support scalability, cost synergies, resilience, and regulatory compliance.
The Nordics are embracing digital change, and their nimbleness leaves them well placed to respond to disruption. If the region continues to tackle transformation methodically, it can build on its strengths and remain a leading example of how post-trade markets can modernise in a practical, collaborative and sustainable way.