In preparation for its migration to Target2 Securities settlement platform (T2S), Euroclear Finland, the Central Securities Depository has introduced a new settlement and custody system, Infinity.

The implementation of Infinity will be undertaken in two phases:-

  • First release – the debt market migrated to Infinity on 2 February 2015.
  • Second release – Infinity will be introduced for the Finnish equity market on 7 May 2018.

The launch date for the migration to T2S is yet to be confirmed.

Second release, 7 May 2018

In the second release, Euroclear Finland will replace HEXclear, its current system for the equity market with Infinity. As a consequence, new functionality will be introduced and certain existing functionality will no longer be available in Infinity.

These changes impact the following elements of EuroCCP’s services for the Finnish market:-

  • Clearing Participants’ and EuroCCP’s Standard Settlement Instructions (SSIs).
  • EuroCCP’s CIF file.
  • EuroCCP’s settlement instruction split functionality.
  • Settlement agent Power of Attorney (POA).
  • Settlement day, timing business day.
  • Introduction instruction types, DWP, RWP, PFOD.
  • Infinity hold and release functionality.
  • Processing of corporate actions, market claims and transformations.

Further details can be found in EuroCCP’s Service Description Finnish Market Infinity release 2.

EuroCCP Migration Plan

The implementation of the second release of Infinity in the Finnish market is scheduled for the weekend of 4 – 6 May 2018. To assist Clearing Participants and their settlement agents with their preparation for the weekend, EuroCCP has prepared a migration plan.

This migration plan outlines the Euroclear Finland’s Migration Weekend process for the Finnish market, migration of pending instructions, corporate action handling during the migration weekend, EuroCCP communication and client readiness. Further details can be found in EuroCCP’s Migration Plan Infinity release 2 – Finland.

Client Testing

In order to ensure a smooth, safe and efficient migration to Infinity, EuroCCP offers the testing of the settlement process in Infinity mode to its Clearing Participants and their settlement agents.

Clearing Participants must confirm their readiness to EuroCCP for the migration to Infinity by completing the EuroCCP Readiness Statement, which should be signed and submitted no later than 20 April 2018.

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