Välitysjärjestelmissä

Välitysjärjestelmissä, often translated as "clearing and settlement systems" or "custody systems" in English, refers to the crucial infrastructure that underpins financial markets. These systems are responsible for facilitating the transfer of ownership of financial assets and the associated cash payments between parties involved in a transaction. Their primary function is to ensure that trades are completed efficiently, securely, and in a timely manner.

The process typically involves several stages. First, a trade is executed between two parties. Then, the details of the trade are sent to a clearinghouse, which acts as an intermediary. The clearinghouse confirms the trade details and, in some cases, becomes the buyer to every seller and the seller to every buyer, thereby mitigating counterparty risk. Following clearing, the settlement stage takes place. This involves the actual transfer of the securities from the seller's account to the buyer's account and the simultaneous transfer of funds from the buyer's bank to the seller's bank.

Välitysjärjestelmät play a vital role in maintaining financial stability. By reducing the risks associated with trading, such as default risk and operational risk, they build confidence in the markets. Central securities depositories (CSDs) and central counterparties (CCPs) are key components of these systems. CSDs hold securities in electronic form and facilitate their transfer, while CCPs provide the clearing function. Effective välitysjärjestelmät are essential for the smooth functioning of economies, enabling investments and capital allocation.