T2S Migration Denmark – Kronos2 Go-live

In preparation of the introduction of Danish Kroner as settlement currency in the TARGET2-Securities platform (T2S), Danmarks Nationalbank will implement the second release of the Kronos system (Kronos2) between Friday 17 August 2018 afternoon 16.30 CET and Saturday 18 August 2018 12:00 CET.

With the migration to Kronos2, Danmarks Nationalbank will introduce T2S functionality to its RTGS system which will be available from Monday 20 August 2018. As direct participant with the Danish Central Bank, EuroCCP will participate in this migration and upgrade its current link to Kronos2.

As the payment details and deadlines for Danish Kroner remain unchanged, there will be no impact to EuroCCP’s settlement services for the Danish market and no further actions are required from Clearing Participants or their settlement agents.

VP Securities, the Danish CSD, will perform a temporary adjustment to the settlement batches for settlement date 20 August 2018. Batches 10 and 20 would have been executed during the period after Kronos has been shut down but before the migration to Kronos2 has been completed. These batches will therefore be executed in the CSD without settlement.  All settlement will be transferred to the remaining DKK settlement batches 30 at 07:00 CET, 40 at 09:45 CET and 60 at 11:45 CET settling on Monday 20 August 2018. Batch 14, used for the exercise of rights, will be executed without subscription on Friday 17 August 2018.