In the interim, Market Advisory Committees will be created in each country to, for example, lead local market consultations on proposed harmonised market rules and practices, and local market functionalities that will be required for migration to the Single Platform. As a result of platform consolidation and market-practice harmonisation, clients of the combined organisation can expect to save more than EUR 350 million per year in back-office and operational costs. This is half of the estimated EUR 700-800 million in annual savings achievable through CSD platform consolidation and market-practice harmonisation across Europe.
New management positions Effective immediately, Kjell Arvidsson, currently Chief Executive Officer of NCSD, will become Chairman of both APK and VPC. Seppo Rantanen will continue in his current position as Chief Executive Officer of APK. Anso ThirÃ©, currently Managing Director and head of the Global Capital Markets Division at Euroclear SA/NV in Brussels, will relocate to Stockholm and become Chief Executive Officer of VPC. Mr. ThirÃ© will also have responsibility for the integration of both Nordic CSDs within the Euroclear group.
Pierre Francotte, Chief Executive Officer of Euroclear SA/NV, said: âFinalisation of the agreement with NCSD demonstrates continued user- and market-led momentum for infrastructure reform that will achieve a more efficient, lowcost settlement environment in Europe. We look forward to working with our NCSD colleagues to share together with the Finnish and Swedish capital markets the benefits of a common settlement infrastructure for domestic and cross-border transactions based on harmonised market practices.â
Kjell Arvidsson, Chief Executive Officer of NCSD, added: âAs part of the Euroclear group, we are providing a more solid foundation for highly efficient, cost-effective, post-trade services supported by deeper pools of liquidity and collateral for risk management purposes. We look forward to sharing these benefits with our clients, which will strengthen the competitive position of the Finnish and Swedish capital markets even further. Moreover, we welcome the opportunity to contribute our specialised expertise, especially in Nordic issuer and account operator services, to other parts of the Euroclear group, with the aim of delivering additional economies of scale and lower fees.â âInteraction with local market participants and users to promote this development, and support the migration project, will start immediately. We also welcome Anso ThirÃ©âs leadership in making the integration to the Euroclear group as seamless as possible while fulfilling his new role at VPC,â Kjell Arvidsson continued. The seven Euroclear group CSDs represent approximately 65% of the Eurotop 300 equity markets. When including Euroclear Bank, the international CSD, the new Euroclear group represents approximately 50% of all European domestic debt outstanding.