Finnish Central Securities Depository Ltd, Euroclear Finland (APK) is implementing Code of Conduct related MiFID regulation change in the Finnish settlement and clearing system Hexclear.
The reasoning for the changes are that in future Hexclear will be able to provide open interfaces also for other exchanges than the one in which Saxess is operating. The functionality of the current Hexclear reference will be replaced by three separate identifiers so that the trades from each exchange directly connected to Euroclear Finland unique over time and exchange. The earlier postponed launch date is now rescheduled to be on 25 May 2009.
To enable direct feed of settlement instructions from new market places, changes are made in the current Hexclear reference.
For direct members of exchange the change can affect in two ways. In case a client sends instructions for on-exchange trades the trade identifier will change from trade number to settlement reference. The client downloading on-exchange trades receives settlement related messages with settlement reference instead of trade number.
This may cause changes in the message reconciliation routines at the client end. The client having direct exchange membership in Finland will be contacted by SEB separately regarding the required changes.
Euroclear Finland has also decided to start using intended settlement date as matching criterion according to ECSDA recommendations. Today original settlement date is not visible in the Hexclear and is not used as matching criterion. This will not cause changes in the STP requirements for client instructing.
L.D.