Finland: New CEU direct link to Euroclear Finland activation

Clearstream¹ informs clients that effective

23 October 2026

the activation of new Clearstream Europe AG (CEU), direct link to Euroclear Finland (EFI, the Finnish domestic CSD) will take place. This will result in the eligibility of all Finnish securities for settlement in TARGET2-Securities (T2S) in CEU.

Scope of securities eligible in the new link

From the effective date, the securities will be eligible for settlement in CEU-T2S with the collective safe custody via T2S (CSC) status including but not limited to:

• Government bonds;
• Corporate bonds;
• Money market instruments (Certificates of deposit, Commercial Paper, Treasury bills);
• Equities (listed on stock exchange only);
• Warrants.

All securities will be eligible for settlement via T2S upon activation of the link.

The list of the created ISINs is planned to be available on the website six weeks before the migration date.

Impact on clients 

Information about specific client migration impact, for CEU clients, but also on clients’ CEU 6-series accounts or Clearstream Banking S.A. (CBL) accounts, as well as tax related information will be made available in due time via follow-up announcements.

Client benefits

• Highest protection of assets with direct holding at CSD;
• Clearstream Europe AG (CEU) as a single point of access to all EFi-eligible Finnish securities in T2S;
• All European Central Bank (ECB)-eligible Finnish debt instruments available in CEU for the Eurosystem Collateral Management System (ECMS);
• Pooling of assets in T2S with increased operational efficiency (one single access to all EUR markets) and further centralised collateral management opportunities;
• Delivery-versus-payment (DvP) settlement with domestic counterparty in central bank money.

Further information

For further information, clients may contact Clearstream Client Services or their Relationship Officer.

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1. Clearstream refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Europe AG, registered office at Mergenthalerallee 61, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500. Clearstream Banking S.A. is registered as an Australian CS (Overseas) Facility, under subsection 824B(2) of the Corporations Act 2001, with registration number ARBN 675 244 783.