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clear choice, and as soon as the first team from
Chennai arrived in Helsinki, we were off to a quick
start,” says Vainio.
Euroclear Finland
is part of the Euroclear Group,
a trusted provider of post-trade
services including settlement,
safe-keeping, and servicing
of domestic and cross-border
securities for bonds, equities,
warrants, mutual funds, and other
financial instruments.
Euroclear Finland’s objective was to replace
multiple legacy systems with Infinity — a single,
integrated, modern, standards-based system for
all asset classes, including fixed income, equities,
warrants, and mutual funds, and with significant
enhancements and upgrades to issuance and
post-trade services.
The complexity of the initiative was intensified
by the direct holding model in Finland, in
which end investors’ holdings are held directly
by the CSD. Euroclear Finland handles more
than 1.4 million directly-held accounts as CSD,
Euroclear Finland
services 22 Depository
Participants and Settlement
members and 13 Issuer Agents,
and provides safekeeping for over
1.4 million accounts and over
3.5 million holdings.
which is more than any other CSD in Europe. In
addition, the CSD had to handle connectivity and
messaging for a host of participants including
custodians, issuers, foreign CSDs, CCP's and the
Central Bank.
On top of managing a complex transformation
for its entire internal operations, Euroclear
Finland also faced the challenge of coordinating
these major changes with the ongoing IT
transformations of their clients, including
Euroclear Finland
also provides issuance
services and manages
over 7,000 securities across
various financial asset classes.
Northern Europe's largest banks.
“Our clients are involved with their own
development initiatives, from consolidating
systems to reinventing entire lines of business,”
says Vainio. “We needed to make sure that
whatever we launched was synchronized with
what they are doing.”
To convey the detailed requirements to
stakeholders in different countries and time zones,
Euroclear Finland placed considerable effort
into clear communications. “We tried to be very
comprehensive in our documentation, including
service descriptions and functionality at each layer
of our services,” says Vainio. “We were pleased to
hear good feedback from market participants for
the quality of our documentation.”
"One Team, One Goal" in Chennai.
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