Following EuroCCP’s newsflash dated 7 December 2017 regarding the publication of EuroCCP’s Service Description Euroclear Finland – Infinity release 2, we would remind you of the following important dates and actions required in preparation for the forthcoming migration of the Finnish market to Infinity release 2:-
- Confirmation of Standard Settlement Instructions (SSIs) & update to the Settlement Agent Power of Attorney.
- Introduction of new PSET for Finnish market in EuroCCP’s CIF file and POAs settlement instructions as from Tuesday 16 January 2018
- Deadline for the Submission of the Readiness Statement by Friday 19 January 2018
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 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|
|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.
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 Participant 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 email@example.com.