The Swedish CSD, Euroclear Sweden, has decided not to join T2S at this stage, although the Swedish banks are in favour of being a part of T2S in the long term and general discussions around the future Swedish market model continues, covering topics such as T2S as well as future regulation, harmonisation and account structures.

Euroclear Sweden’s plans also include replacing current core systems – possible project plans and schedules are expected to be published this year says Janne Palvalin, manager Nordea Securities Services.

“Factors impacting the market include cost pressure and the need for scale, slow growth and low interest levels, regulatory pressure, and increased awareness and demand for monitoring risk,” adds Ulf Noren, regional sub-custody specialist at SEB.