HEX Helsinki has switched on HexClear, the new clearing and settlement system for equity trades that is being phased in as a replacement for the legacy Kati system.
HexClear offers real-time delivery versus payment for shares settled through the national APK depository through a link to the Target RGTS network. The adoption of the system, which also includes a CCP operational model for future implementation, is a key step towards creating a unified Nordic market infrastructure based around technology supplied by Swedish partner OM Gruppen.
"HexClear is a real-time settlement system that is based on diversified system architecture and open interfaces", explains Heikki Sirve, president in charge of the settlement & depository business area within the HEX integrated markets division. "As a result, the system is significantly more scalable and flexible. This also further facilitates remote member access and the integration of their own applications to the system."
He says all shares will be transferred from Kati to HexClear by the end of 2003.