Euroclear Finland Infinity release 2 – update

Following EuroCCP’s newsflash dated 3 October 2017 regarding the implementation of Infinity release 2 by Euroclear Finland on Monday 12 February 2018, Clearing Participants and their settlement agents are advised that the Service Description is now available on EuroCCP’s website.

We would also remind you of the following important dates and actions required in preparation for the upcoming migration:-

Friday 15 December 2017 (at the latest)
  • Confirmation of Standard Settlement Instructions (SSIs) & update Settlement Agent Power of Attorney.
Tuesday 16 January 2018
  • Introduction new PSET for Finnish market in EuroCCP Reporting (CIF and POAs).
Friday 19 January 2018
  • Deadline for the submission of the Readiness Statement.

Standard Settlement Instructions & Settlement Agent Power of Attorney

With the migration of the Finnish equity market to Infinity, settlement arrangements and SSIs for Clearing Participants and EuroCCP’s will change.  EuroCCP will contact those clearing participants that are active on this market to obtain new SSIs for the production environment via the EuroCCP Infinity Information Form, which should be signed and completed and returned to EuroCCP as soon as possible.

The new EuroCCP SSIs, detailed below, will apply from settlement date Monday 12 February 2018:-

EuroCCP SSIs Euroclear Finland:

Delivery / Receiving party BIC (DEAG / REAG) EMCFNL2AXXX
Securities Account APKE0000000000008500000000000008558
CSD of Delivering / Receiving party (PSET) APKEFIHHXXX
Client of Delivering / Receiving party (Seller / Buyer) EMCFNL2AXXX

EuroCCP will continue to support the Settlement Agent POA service, where settlement instructions are delivered to the Clearing Participant’s settlement agent,  following the implementation of Infinity release 2.

Clearing Participants should update their current Settlement Agent POA agreements with their new SSI’s in the  Annex section.

EuroCCP Reporting (CIF and POAs)

From Trade Date 16 January 2018, EuroCCP’s settlement instructions and the Client Information File (CIF) will contain the new PSET, the BIC11 of the local CSD in the Finnish market.

The 8-digit CSD BIC will change to CSD BIC11 as follows:-

  • From APKEFIHH to APKEFIHHXXX

In addition, the updated Clearing Participants SSIs will be reflected in the CIF for settlement instructions that will be reinstructed by EuroCCP in Infinity after the go-decision is confirmed by Euroclear Finland.

Client testing & Readiness statement

EuroCCP strongly recommends that Clearing Participants undertake different test cases for the Finnish market prior to the implementation of Infinity release 2 in February 2018, and its client test environment is already available for testing.

In order to participate in client testing, those SSIs that are used for testing should be confirmed by completing EuroCCP’s Infinity information form.

In order to ensure a smooth migration, Clearing Participants must confirm their readiness for the implementation of Infinity release 2 by completing EuroCCP’s Readiness Statement, which should be signed and returned no later than 19 January 2018, and which is available at EuroCCP Readiness Statement

Clearing participants that require further information on  testing arrangements should contact clienttesting@euroccp.com.

New publications

EuroCCP has created a special page on its website to advise Clearing Participants about the implementation of Infinity release 2 and the future migration of the Finnish market to the Target2 Securities platform.

This page includes EuroCCP’s Service Description Euroclear Finland – Infinity release 2, which defines the impact of the implementation Infinity release 2 to EuroCCP’s service offering for the Finnish market.

In addition EuroCCP’s Client Readiness statement can be found on this page, at https://euroccp.com/finland/