Infrastructure of Estonian securities market will be renewed at the turn of the year

21.12.2010 TLN

NASDAQ OMX Tallinn, 21/12/2010

With the change in the number of the year, the currency in Estonia will also change. In addition to the exchange of banknotes and coins, the change will bring about the thorough transformation of several information systems. The NASDAQ OMX Tallinn Stock Exchange, the Estonian Central Securities Depository (CSD), and other participants in the securities market have made thorough preparations in the last half-year to ensure the functioning of all systems following the euro changeover at the turn of the year.

In addition to the changes arising from the euro changeover, the entire infrastructure on which the Estonian securities market is based – the register and settlement system of securities – will be renewed at the turn of the year. From next year, the CSD will transfer to a completely new information system, the preparations for which began back in 2007. The new and flexible platform of the CSD primarily relates to account operators, stock exchange members, issuers, and the Bank of Estonia, and it follows the best pan-European technical and business standards. The CSD will be the first depository in Europe to adopt the international standard for settlement messages (ISO20022) in its system. As a significant part of the transactions of the Baltic securities market are made cross-border, the Latvian Depository will also adopt the international standard for settlement messages and make other improvements in its system. This will reduce the risks and expenses of banks and account operators who are operating across the Baltic States in the settlement of securities. It also creates a favourable basis for the further development and integration of the Baltic securities market.

The Estonian Central Securities Depository will begin the renewal of the information systems on the afternoon of 31st December 2010. The replacement and adjustment of the information system will take place in the time period from 14:00 on 31st December 2010 to 08:00 on 3rd January 2011. During this time period, the work of the CSD’s information systems and electronic channels may be disrupted, and access to the data of the e-register system and the pension centre may not be available, among other systems.

This year’s last trading day on the NASDAQ OMX Tallinn Stock Exchange will be 30th December. Settlements will be made until 14:00 on 31st December 2010. DVP transactions not performed in kroons will be cancelled on 1st January 2011. Ordinary trading on the Baltic stock exchanges will resume on 3rd January 2011.

The NASDAQ OMX Tallinn Stock Exchange and the Estonian Central Securities Depository wish to thank their partners and customers for their patience and co-operation, and we apologise for any possible inconveniences arising from these disruptions.

Further information:
Market services of NASDAQ OMX Tallinn Stock Exchange: 640 8800
Euro online phone of the Estonian Central Securities Depository: 640 8888