As part of the process of migration to T2S, the local CSD in Finland (Euroclear Finland) is replacing its current core systems with a new Infinity platform, provided by an external vendor.

Roll out of the new system will take place in three phases. The first phase will replace the current Ramses system used for money market instruments. This was originally scheduled for November 2014, but due to delays in the project it was postponed until February 2015. All other instruments (for example, equities) will be migrated to the new system in the second phase scheduled for May 2016. The final step is to connect to T2S in February 2017.

On the regulatory front, transposing the local regulation with the CSDR created a heated debate in the market, according to Janne Palvalin, manager at Nordea Securities Services: “Issuers and intermediaries wanted to open up competition in CSD services for issuance and post-trade services in full and allow the use of omnibus accounts as in other major markets. Euroclear Finland is on the other side heavily opposing this and requiring that the current requirements for direct holding accounts should remain.”