VIDEO | With the shift to the pan-European settlement platform Target2-Securities (T2S) some years, ago, Denmark’s CSD – now Euronext Securities – moved towards European harmonisation in many areas: issuance, investor-related process, and infrastructure. Henrik Ohlsen, head of Nordic client relations, shared the story in Stockholm.
The session was sponsored by Euronext.
Through its capable sub-custodians, Nordic markets were for decades able to serve international investors well enough without actually needing to tackle cross-border harmonisation on the CSD level.
But that has changed.
As we have noted a number of times (such as here, here and here), the T2S journey started out rocky for the Danish central securities depository, then known as VP Securities, today part of Euronext Securities. So rocky, in fact, it made for a joking topic as Henrik showed the alleged bravery of taking on the topic.
Yet, as it is now all up and running, Henrik Ohlsen sees it supporting a broader trend towards cross-border harmonisation. Possibly the greatest difference can be seen in the relations to global institutional investors, and their global custodians, in a landscape that is seeing the local sub-custodians increasingly challenged.
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