Introduction of third settlement cycle for Norway

As part of its CSDR project the Norwegian CSD, VPS, will introduce additional functionality to its settlement system this year.

From Friday 15 March 2019 a third settlement cycle will be introduced which will result in the following operational timelines in VPS’ settlement system:-

Settlement cycle Time CET
First (S-1) 20:00 – (S) 06:00
Second (S) 12:00 – (S) approx. 12:10
Third (S) 14:30 – (S) approx. 14:40

Partial settlement

The auto-partial functionality offered by VPS continues to be available for participants that have set up a broker account. EuroCCP strongly encourages the use of broker accounts to assist settlement efficiency. However, Clearing Participants that have a different account set-up in place can send a split request to EuroCCP during the following timelines to allow settlement during the next available settlement cycle:-

Settlement cycle EuroCCP deadline to submit split request (CET)
Second 09:00 – 11:00
Third 12:30 – 13:45

Should you have any further information please do not hesitate to contact us.