Finland

  • Finland

1 Country overview

MTS Finland, a division of MTS Associated Markets SA, has been established for the purpose of trading Finnish sovereign securities.

MTS Associated Markets SA/NV, operates under the supervision of the National Bank of Belgium (NBB).

A specific market committee governs MTS Finland. Members of the market committee are the Primary Dealers of the Finnish State and a representative of MTS SpA.

Shares in MTS Associated Markets SA/NV are held by the list of institutions mentioned under the item 6 - Shareholders Institutions

A Board of Directors, elected by the shareholders, governs MTS Associated Markets SA/NV.

2 Instruments

2.1 Government bonds of the Republic of Finland (RFGBs)

RFGBs are medium- and long-term debt securities denominated in euro and issued in dematerialized form.

RFGBs are issued in tranches, which form a line. Each line has an identical nominal interest rate and maturity. RFGBs are issued through a multiple price based auction or alternatively through a syndication and are reimbursed at par.

Currently, RFGB securities ranging from 0 to 16 years maturity are traded on MTS Finland, though only the securities with a maturity longer than 1 year are subject to quoting requirements.

Listed securities subject to quoting requirements are divided into three different maturity buckets:

A (1-3.5y)

B (3.5- 6.5y)

C (over 6.5y)

For a full list of available instruments, click here.

2.2 Minimum lots

Proposals must be formulated for a minimum quantity equal to EUR 5 million for benchmark securities as well as for liquid securities.

Orders may be made for EUR 2.5 million or multiples of EUR 0.5 thereof (i.e. 3, 3.5 etc)

3 Participants

For a list of participants, click here.

3.1 Participant requirements

Market makers other than Primary Dealers of the Finnish State must demonstrate a total turnover in Finnish government securities of no less than EUR 600 million over the twelve months preceding the date of the application to become a market maker. Market makers must have a net worth of at least EUR 250 million.

Market dealers must demonstrate a total turnover in Finnish government securities of no less than EUR 300 Million over the twelve months preceding the date of the application. Market dealers must have a net worth of at least EUR 100 million.

4 Market Hours

Cash Market Hours (CET)

Pre-Market: 7:30am – 8:00am

Trading Hours*: 8:00am – 5:30pm

Market Closed: 5:30pm

5 Settlement

Trades on Finnish - Government bonds settle at Euroclear Bank and Clearstream Banking Luxemburg. MTS sends Swift settlement instructions on behalf of both participants to the relevant ICSD. MTS participants must hold a securities account at one of the two ICSDs either directly or indirectly through a custodian.

LCH.Clearnet Ltd is available as a Central Counterparty: for CCP transactions MTS sends Swift trade messages on behalf of both participants to LCH.Clearnet Ltd.

The settlement cycle is T+2. The settlement calendar follows the TARGET calendar skipping value date only on TARGET non-business days.

6 Shareholders

Barclays Bank Plc

Citigroup Global Markets Ltd

Credit Agricole Corporate and Investment Bank

Danske Bank A/S

Belfius Bank

Deutsche Bank AG

Fortis Bank N.V .

Goldman Sachs International

HSBC France

JP Morgan Securities Limited

ING Bank NV

KBC Bank N.V.

Morgan Stanley and Co. International

MTS S.p.A.

Nordea Bank A/S

Nykredit Bank A/S

Scandinaviska Enskilda Banken

Société Générale

Sydbank A/S

The Royal Bank of Scotland NV

UBS Limited

7 Market Data

Click to view:

Daily bulletins

7.1 Password protected

Click to view:

Participant statistics


8 Contact

Aline Morley

Relationship Management

 T: +32 2 210 69 00

Paolo Senes

Chairman

T: +32 2 210 69 00

Jurgen De Corte

Executive Director

T: +32 2 210 69 02

Jean-Pierre Mateza

Associate
T: +32 2 210 69 03

Legal address: Rue des Comédiens, 22 – 1000 Brussels

Group email address: mtsam@mtsam.com

Fax: +32 2 217 84 70