Välitysjärjestelmiä

Välitysjärjestelmiä are financial market infrastructures that facilitate the clearing and settlement of securities transactions. They play a crucial role in ensuring the stability and efficiency of financial markets by mitigating systemic risk. A välitysjärjestelmä acts as an intermediary between buyers and sellers, guaranteeing that trades are completed successfully. This involves matching trade details, calculating net obligations, and transferring ownership of securities and funds.

The primary functions of a välitysjärjestelmä include trade matching, clearing, and settlement. Trade matching confirms that the details of a transaction as reported by both parties are identical. Clearing involves calculating the net obligations of each participant, determining how much each owes or is owed in terms of securities and cash. Settlement is the final step where the actual transfer of securities and cash takes place. This process typically occurs on a designated settlement date, often T+2 or T+3, meaning two or three business days after the trade date.

By acting as a central counterparty or a trusted intermediary, välitysjärjestelmiä reduce counterparty risk, the risk that one party to a transaction will default on its obligations. They achieve this by stepping into the transaction, becoming the buyer to every seller and the seller to every buyer. This ensures that even if one party fails, the other party's transaction is still completed. Examples of such systems exist globally and are operated by various entities, including central securities depositories and central counterparties. These systems are vital for the smooth functioning of modern financial markets.