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:
7.1 Password protected
Click to view:
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
