Euroclear Finland Oy and Euroclear Sweden AB are today the official names of the central securities depositories (CSDs) of Finland and Sweden. Formerly known as Suomen Arvopaperikeskus Oy (APK) and VPC AB (VPC), respectively, together they formed Nordic Central Securities Depository (NCSD) which Euroclear acquired in November 2008. These name changes forge a common identity with the other group entities of Euroclear Belgium, Euroclear France, Euroclear Nederland, Euroclear UK & Ireland and the international CSD, Euroclear Bank.
The transaction-processing platforms of Euroclear Sweden and Euroclear Finland will be fully integrated within the Euroclear group immediately after the launch of the Single Platform in 2011. 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. Harmonised market rules and practices will reduce cross-border transaction complexities and deliver sizeable client back-office synergies and cost savings.
Kjell Arvidsson, Chairman of the Boards of Euroclear Finland and Euroclear Sweden, commented: "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. Clients of Euroclear Sweden, Euroclear Finland and beyond can together expect to reap back-office savings of more than EUR 300 million per year."
The seven Euroclear group CSDs represent approximately 65% of the Eurotop 300 equity markets. When including Euroclear Bank, the international CSD, the group covers over 50% of all European domestic debt outstanding.