Euroclear Finland
By M Anand, Head of Product Development, TCS BaNCS for Market
Infrastructure, and Samuel Johnson, TCS Program Manager for Euroclear Finland
Euroclear Finland has completed the full analysis determined that retrofitting the legacy
replacement of multiple legacy core systems systems for new standards and regulations would
with Infinity, powered by TCS BaNCS for Market have been unwieldy and an expensive proposition.
Infrastructure.
With these considerations in mind, Euroclear
Infinity now serves as Euroclear Finland’s
Finland made the strategic decision in late 2012
core system for securities issuance, safekeeping, to deploy a single, standards-based settlement
management of investors and their accounts, solution, making it the first CSD in Europe to
settlement of on-exchange and over-the-counter undertake a full replacement of its legacy core
(OTC) trades, account transfers and portfolio systems. “We were doing what nobody had
transfers, corporate actions, and management done before in Europe — to replace their core
of rights and restrictions. Infinity also supports CSD system” says Hanna Vainio, CEO, Euroclear
core depository functions and legal requirements Finland.
pursuant to Finnish proprietary rights and
The RFP process took less than six months,
restrictions. It provides comprehensive support which in March 2013 led to the selection of TCS
for both ISO 15022 and 20022 standards for the BaNCS as the centerpiece of Euroclear Finland’s
entire settlement cycle and for corporate actions technology transformation. “TCS BaNCS was a
processing.
The momentous achievement of a CSD core
transformation gives Euroclear Finland one Hanna Vainio,
of the most advanced market infrastructure CEO,
implementations in Europe, positioning Euroclear Euroclear
Finland and the Finnish capital markets as a Finland
leader in terms of investor-friendly benefits and
capabilities.
The initiative started in 2012 when Euroclear
Finland sought to align its corporate actions
processing with emerging European market
harmonization efforts along with the push to
standardize on ISO 20022.
At the time, Euroclear Finland was running two
separate settlement systems, one for fixed income
and another for equities. An extensive internal
11