We are pleased to announce EuroCCP’s new arrangements in the Norwegian market. From Trade Date Thursday 3 November 2016, EuroCCP will activate its direct link to the Norwegian Central Securities Depository (VPS) and the Norwegian Central Bank (Norges Bank).
The implementation of direct connectivity to the Norwegian post trade infrastructure demonstrates EuroCCP’s commitment to providing its clients with the most efficient access to local markets, which improves settlement efficiency and reduces costs. EuroCCP will continue to support direct access to local markets.
EuroCCP will operate its own securities account with VPS and cash account with Norges Bank as from Trade Date 3 November 2016. The implementation of the direct link to the Norwegian market is scheduled as follows:-
Wednesday 2 November 2016
Last Trade Date for transactions that settle through the account with EuroCCP’s Settlement Agent. At close of business, EuroCCP will forward settlement instructions to its Settlement Agent for Intended Settlement Date 4 November 2016.
Thursday 3 November 2016
First Trade Date for trades that settle through EuroCCP’s new VPS and Norges Bank account. At close of business, EuroCCP will forward settlement instructions to VPS for Intended Settlement Date 7 November 2016.
Friday 4 November 2016
Last Intended Settlement Date for settlement instructions that settle through EuroCCP’s Settlement Agent.
Monday 7 November 2016
First Intended Settlement Date for settlement instructions that settle through EuroCCP’s new accounts at VPS and Norges Bank.
From Trade Date Thursday 3 November 2016, with Intended Settlement Date Monday 7 November 2016 and thereafter, the following EuroCCP Standard Settlement Instructions will apply for securities and cash for Norwegian Kroner (NOK):-
EuroCCP Standard Settlement Instructions – securities:-
Delivery / Receiving party VPS ID (DEAG / REAG) 45650
Delivery / Receiving party safe 456504900006
CSD of Delivering / Receiving party (PSET) VPSNNOKK
Client of Delivering / Receiving participant (SELL / BUYR) EMCFNL2A
EuroCCP cash payment details with Norges Bank – NOK:-
Receiver field in header MT202 message EMCFNL2AXXX
Tag 58 (Credit bank) EMCFNL2AXXX
Tag 103 (Service identifier) NBO
Pending Settlement instructions with Trade Date prior 3 November 2016
Settlement instructions with a Trade Date prior to Thursday 3 November 2016 will settle through the account at EuroCCP’s Settlement Agent. Clearing Participants and their Settlement Agents should be aware that settlement instructions with Trade Date prior 3 November 2016 must be matched against the current Standard Settlement Instructions for securities and cash for NOK.
Power of Attorney
EuroCCP will continue to support Settlement Agent PoA services, where settlement instructions are delivered to the Settlement Agent on behalf of a Clearing Participant. These settlement instructions will contain EuroCCP’s new SSI’s which will apply as from Trade Date 3 November 2016.
The Client Information File (CIF) will remain unchanged and will not reflect any changes due to the activation of EuroCCP’s direct link to the Norwegian market.