Euroclear Finland Infinity – Production Migration

Following a successful Migration Dress Rehearsal during the weekend of 14 – 15 April 2018, Euroclear Finland will proceed with the migration of its equity market to the Infinity production platform during the weekend of 5 – 6 May 2018.

From Intended Settlement Date (ISD) Monday 7 May 2018, Euroclear Finland will operate the Infinity system release 2 for the Finnish fixed income and cash equity market.

Between Friday 4 – Sunday 6 May 2018, static data and securities positions will be migrated from Euroclear Finland’s Central Register system to Infinity release 2.

Settlement instructions that fail to settle in the HEXClear system on Friday 4 May 2018, will not be migrated to Infinity release 2 by Euroclear Finland. As a consequence, EuroCCP will  reinstruct those settlement instructions in Infinity release 2 on Monday 7 May 2018. Those settlement instructions will contain a new instruction reference which will be reflected in EuroCCP’s CIF file.

Settlement instructions for ISD Monday 7 and Tuesday 8 May 2018 will not be submitted in HEXclear by EuroCCP on trade date Thursday 3 and Friday 4 May 2018. EuroCCP will submit these settlement instructions to Infinity release 2 on Monday 7 May 2018.

Standard Settlement Instructions

All settlement instructions that EuroCCP will submit in Infinity release 2 from Monday 7 May 2018 will contain the Infinity release 2 eligible Standard Settlement Instructions which have been confirmed by Clearing Participants.

EuroCCP’s new SSIs, detailed below, will apply from settlement date Monday 7 May 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
Friday 4 May 2018 short settlement day

In preparation of the migration weekend Euroclear Finland will close the HEXClear system at 12:00 CET. EuroCCP will suspend split processing during this day.

From Monday 7 May 2018 the following new EuroCCP split timelines will apply for the Finnish market:

Start split request initiated by Clearing Participants Deadline split request initiated by Clearing Participants Start split request initiated by EuroCCP Deadline split request initiated by EuroCCP
08:00 CET 14:00 CET 15:00 CET 15:30 CET

For further details we would like to refer you to:

Production Migration Weekend

The production Migration Weekend for Infinity release 2 is scheduled as follows:-

Thursday 3 May 2018
  • Settlement instructions with trade date Thursday 3 May 2018 for ISD Monday 7 May 2018 will not be submitted in HEXClear.
  • Settlement instructions generated under the PoA will not be sent to Clearing Participants settlement agents.
  • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
Friday 4 May 2018
  • Last Settlement Date in HEXClear.
  • HEXClear closes at 12:00 CET, EuroCCP will suspend split processing for the Finnish market.
  • Settlement instructions with trade date Friday 4 May 2018 for ISD Tuesday 8 May 2018 will not be submitted in HEXclear.
  • Settlement instructions generated under the PoA will not be sent to Clearing Participants’ settlement agents.
  • The EuroCCP CIF file will be generated and distributed by EuroCCP as usual.
Saturday 5 to Sunday 6 May 2018
  • Migration Weekend.
Monday 7 May 2018
  • First Intended Settlement Date in Infinity release 2.
  • Settlement instructions that failed to settle on Friday 4 May 2018 will be resubmitted in Infinity release 2 and settlement instructions generated under the PoA will be resent to Clearing Participants’ settlement agents.
  • Settlement instructions with trade date Thursday 3 and Friday 4 May 2018 will be submitted in Infinity release 2.
  • At close of business, EuroCCP will submit settlement instructions with trade date 7 May 2018 for ISD 9 May 2018 in Infinity release 2.