EUROCLEAR RE-BRANDS FINNISH AND SWEDISH DEPOSITORIES
Posted February 9, 2009
BRUSSELS, HELSINKI and STOCKHOLM – The central securities depositories
(CSDs) for Finland and Sweden have been renamed as Euroclear Finland Oy
and Euroclear Sweden AB, changed from Suomen Arvopaperikeskus Oy (APK)
and VPC AB (VPC), respectively.
The two depositories together formed Nordic Central Securities
Depository (NCSD), which Euroclear acquired in November 2008. The name
changes forge a common identity with the other group entities of
Euroclear Belgium, Euroclear France, Euroclear Nederland, Euroclear UK
and Ireland and the international CSD, Euroclear Bank.
“The Euroclear group is eliminating artificial boundaries and avoidable
costs for clients conducting securities deals across national borders,
often involving a multitude of intermediaries and different processing
methods,” says Kjell Arvidsson, Chairman of the Boards of Euroclear
Finland and Euroclear Sweden. “Clients of Euroclear Sweden, Euroclear
Finland and beyond can together expect to reap back-office savings of
more than €300 million per year.”
The transaction-processing platforms of Euroclear Sweden and Euroclear
Finland will be fully integrated within the Euroclear group immediately
after its planned 2011 launch of the Single Platform, a
multi-jurisdictional and multi-currency solution that will allow clients
to settle securities transactions in central bank or commercial bank
money, as they choose. It will then be possible for clients of these
CSDs to access the post-trade infrastructure covering all seven EU
markets served by Euroclear as efficiently and cost effectively as in
their respective home markets. Harmonized market rules and practices
will reduce cross-border transaction complexities and deliver sizeable
client back-office synergies and cost savings.
The seven Euroclear group CSDs represent approximately 65 percent of the Eurotop 300 equity markets. When including Euroclear Bank, the international CSD, covers over 50 percent of all European domestic debt outstanding.