T2S Denmark – Danish Kroner reminder

Following EuroCCP’s newsflash dated 13 September 2018 regarding the forthcoming migration of Danish Kroner denominated settlement activity to T2S, the TARGET2 Securities platform, EuroCCP would like to remind Clearing Participants of the updates to Standard Settlement Instructions (SSIs), Client testing requirements, Client Readiness and EuroCCP’s T2S migration plan.

The migration of Danish Kroner denominated settlement activity to the T2S platform is scheduled to take place on Friday 26 and Saturday 27 October for settlement date Monday 29 October 2018.

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 their new SSIs for the production environment by means of the EuroCCP Denmark Information Form, which should be completed, signed and returned to EuroCCP as soon as possible.

EuroCCP’s new SSIs – shown 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

Settlement instructions to which EuroCCP is a counterparty will settle in T2S. 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 in a T2S securities account.

Client testing – T2S mode for Danish market

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

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

Client Readiness

Clearing Participants must confirm their readiness for the migration to T2S by completing the EuroCCP Readiness Statement, which should be signed and submitted to EuroCCP as soon as possible.

EuroCCP’s T2S Migration plan – Danish Kroner

During 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.