Cross Border Transfers
The links enable transferring and handling of both Finnish and foreign equities and debt instruments. The links are created following a standard of ECSDA (European Central Securities Depository Association) and every link is assessed by European Central Bank. Transactions are FoP-transactions (free of payment) meaning that parties operating the links must process money transactions related to the trading outside the link. Here is the list of our current links:
| Euroclear Finland's Free of Payment (FoP) links to foreign CSD's | ||
| France | Euroclear France | debt instruments |
| Sweden | Euroclear Sweden | equities |
| Germany | Clearstream Banking Frankfurt AG | equities & debt instruments |
| Switzerland | via Clearstream Banking Frankfurt AG to SEGA Intersettle | equities & debt instruments |
All transferable security types must have an ISIN code and in addition debt instruments must be euro dominated. Finnish Account Operators/Brokers can transfer the following security types via CSD link:
• Finnish and foreign equities
• Subscription rights related to equities
• Finnish Depository Receipts (FDR)
• Finnish and foreign option rights
• Finnish and foreign Exchange Traded Funds (ETF)
• Finnish and foreign debt instruments (German and French)
Benefits of link
Transfers of the securities via CSD links are entered into the Clearing and Settlement system HEXClear (equities) or Ramses (debt instruments).
The links are two-way, in other words Finnish debt securities can be transferred for depositing and settlement abroad and foreign securities transferred to Finland. Both links are operated free of payment (FoP,) meaning that parties operating the links must process money transactions related to the trading outside the link. Foreign book-entry securities transferred to Finland are handled in the system in exactly the same way as domestic securities.
Transfers of the securities between Euroclear Finland and the foreign CSD's are communicated through SWIFT.
An excellent tool for issuing securities
The link is also an excellent tool for issuing securities domestically, even though investors at whom the issue is targeted may be located abroad.
.jpg)
