Sub-custody guide: Baltic states

Sub-custody guide: Baltic states

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The Baltic markets represent a very small portion of the European market with a market cap of less than €10bn ($11.4bn) and an aggregated annual transaction volume of approximately 140,000 trades.

The markets have continued their assimilation into the mainstream European market and during the year this process has been markedly demonstrated by a number of key developments, according to Ulf Noren, regional sub-custody specialist at SEB.

Estonia 2015

Lit-Lat

On January 1 2015, Lithuania converted its currency from the litas to the euro. The Pan-Baltic CSD system development, the x-stream project, is expected to provide cross-border synergies, improved governance and strengthened conformity, while T+2 was successfully introduced in all three markets in October 2014 and the Baltic markets strongly aligned with other European markets in terms of preparatory work.

The other notable development has been preparation and in part implementation of a series of European regulatory initiatives and infrastructure projects, including Ucits V, Mifid II and FTT. 

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