T2S Denmark – Danish Kroner reminder

As the migration of Danish Kroner denominated settlement activity to the TARGET2 Securities platform is approaching, EuroCCP would like to remind Clearing Participants of the forthcoming changes to EuroCCP’s Standard Settlement Instructions (SSIs), Client testing requirements, Business Day testing and the EuroCCP T2S migration plan.

Standard Settlement Instructions Danish market

With the migration of Danish Kroner denominated securities, settlement arrangements and SSIs for Clearing Participants and EuroCCP will change. EuroCCP will contact those Clearing Participants that are active on the Danish market to obtain new SSIs for the production environment via the EuroCCP Denmark Information Form, which should be completed, signed and returned to EuroCCP as soon as possible.

EuroCCP’s new SSIs, detailed below, will apply from settlement date Monday 29 October 2018 following the successful migration weekend:-

EuroCCP SSIs VP Securities:

Delivery / Receiving party BIC (DEAG / REAG) EMCFNL2AXXX
Securities Account VPDK17501175001
CSD of Delivering / Receiving party (PSET) VPDKDKKKXXX

All settlement instructions to which EuroCCP is a counterparty will settle on the T2S platform. Clearing Participants must therefore have undertaken all necessary actions to ensure that the correct account structure is arranged with VP Securities, to enable them to settle the CCP related activity within a T2S securities account.

Client testing T2S mode for Danish market

EuroCCP’s client test environment is currently in T2S mode for the Danish market and available for end-to-end testing including trades received from the platforms UAT environment.

Nasdaq Copenhagen has set up the following ISIN codes for testing with VP securities and T2S:-

  • DK0017207409
  • DK0017207672
  • DK0017208563
  • DK0017209025
  • DK0017209108
  • DK0017209371
  • DK0017210544
  • DK0017210627
  • DK0017210700

Clearing Participants and their settlement agents are advised to undertake testing in accordance with VP Securities’ T2S requirements. Clearing Participants using the settlement agent PoA process should instruct their settlement agent to process the SWIFT MT54X messages received.

Between Monday 17 September and Friday 12 October 2018 – full Business Day testing is scheduled by VP Securities. During these days, test cases can be executed in accordance with the production processing timelines.

Should you have any further queries, please do not hesitate to contact EuroCCP Client testing clienttesting@euroccp.com

EuroCCP’s T2S Migration plan – Danish Kroner

Between Friday 26 and Sunday 28 October 2018, Danish Kroner denominated static data, securities positions and pending settlement instructions will be migrated from VP Securities’ legacy settlement system to T2S.

EuroCCP has published its T2S migration plan for Danish Kroner denominated activity on its website, which outlines migration of pending instructions, corporate action handling, EuroCCP reporting and client readiness, and can be found at EuroCCP T2S migration plan – Danish Kroner.

Further details on the changes to certain elements of EuroCCP’s services for the Danish market, can be found on EuroCCP’s website at Service Description Denmark T2S – Danish Kroner.