To ensure that we are on the right track, it is very important that we involve the clients at this stage. Both the Market Advisory Board and reference groups have participated actively in the discussions on the main deliveries to be made over the next 2.5 years.
We have already sent the VPS road map to our clients, and we have among other things announced the following:
- We will continue to renew and standardise messages.
- The EU regulation, CSDR, requires development of new functionality to our services.
- Within the settlement area there will have to be established minimum one more settlement cycle per day.
- We are facing new requirements for safekeeping and reconciliation of securities, which, among other things, calls for opening accounts with foreign CSDs.
The most extensive work, however, will be to apply for a new license under the CSDR.
Concluding, we are building VPS 2.0 independently of a new core system, and the existing system will be modernised and get functionality that meets the CSDR requirements.
