Successful T2S Danish Kroner Migration

Following the successful migration of Danish Kroner denominated settlement activity to T2S, the TARGET2 Securities platform, on Saturday 27 October 2018, we are pleased to announce that EuroCCP is now a Directly Connected Party to the T2S Platform for VP Securities, the Danish Central Securities Depository.

This is another important milestone which demonstrates EuroCCP’s commitment to providing its clients with the most efficient access to local markets, which improves settlement efficiency.  EuroCCP will continue to support direct access to  local markets and has committed to join future T2S migrations as they arise.

We are pleased to confirm that all pending settlement instructions have been successfully migrated to T2S.

Danish settlement instructions with trade date Friday 26 October 2018 for intended settlement date Tuesday 30 October 2018 will be migrated to T2S on Monday 29 October 2018.

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.

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.

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.

T2S Migration Denmark – Danish Kroner

Following EuroCCP’s newsflash dated 28 March 2018 regarding the migration of Danish Kroner  denominated settlement activity to T2S, the TARGET2 Securities platform, EuroCCP wishes to remind Clearing Participants of the forthcoming changes to  EuroCCP’s Standard Settlement Instructions (SSIs), Client testing requirements 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’s will change. EuroCCP will contact those Clearing Participants that are active on Danish market to obtain new SSIs for the production environment via the EuroCCP Denmark Information Form, which should be completed and signed and returned to EuroCCP as soon as possible.

The new EuroCCP 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 in which EuroCCP is a counterparty will settle on the T2S platform, Clearing Participants must have undertaken the necessary actions to ensure that the correct account structure is arranged with VP Securities which allows 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 client testing. Clearing Participants and their settlement agents are advised to undertake testing in accordance with VP Securities’ T2S requirements.

In order to support testing, Clearing Participants must provide their SSIs to EuroCCP before testing starts in T2S mode.

Clearing Participants using the settlement agent PoA process, should instruct their settlement agent to process the SWIFT MT54X messages received.

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 activities 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 Kronor

T2S Migration Denmark – Migration Weekend Dress Rehearsal

Following the migration of Euro denominated settlement activity to T2S, the TARGET2-Securities platform, on 12 September 2016, VP Securities, the Danish Central Securities Depository, will connect to T2S and outsource the settlement process to this pan European platform for Danish Kroner denominated securities settlement.

In advance of the production migration to the T2S platform, VP Securities has scheduled a Migration Weekend Dress Rehearsal (MWDR) for the weekend of 7 – 8 April 2018.

A go-live date for the production migration is scheduled for settlement date Monday 29 October 2018.

The purpose of this newsflash is to provide our Clearing Participants and their settlement agents with further information on the migration of Danish Kroner denominated securities settlement to T2S by covering the following topics:-

  • Migration Weekend Dress Rehearsal schedule and EuroCCP’s Reporting (CIF and PoAs).
  • Client testing in T2S mode for the Danish market.
  • Clearing participants and EuroCCP’s Standard Settlement Instructions (SSIs).
  • EuroCCP’s Service Description – Denmark T2S – Danish Kroner.

Standard Settlement Instructions

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

The new EuroCCP SSIs, detailed below, will apply from settlement date Monday 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

Migration Weekend Dress Rehearsal

EuroCCP will participate in the MWDR by uploading production activity to its client test environment, which will be reflected in the associated reporting and messages provided by EuroCCP. The MWDR is scheduled as follows:-

Thursday 5 April 2018
  • EuroCCP’s Client test environment will be cleaned for the Danish market at close of business. EuroCCP’s CIF file which is generated and distributed from EuroCCP’s test environment will not include activity related to the Danish market.
Friday 6 April 2018
  • There will no messages send to VP Securities from EuroCCP’s client test environment for the Danish market.
  • A copy of EuroCCP’s production activity for the Danish market will be reflected in EuroCCP’s Client test environment and submitted in the VP test environment. This will include settlement instructions that failed to settle on Thursday 5 April and settlement instructions for intended settlement date 9 April 2018.
  • Due to the early closure of the VP system, settlement instructions with trade date Friday 6 April 2018 for intended settlement date Tuesday10 April will not be submitted to the VP system, and will be send to T2S on Monday 9 April 2018.
Saturday 7 April 2018
  • Migration Weekend Dress Rehearsal.
  • EuroCCP will undertake the reconciliation of migrated positions and pending instructions based on messages received from VP Securities and T2S, once the “Point of no return” is reached.
Monday 9 April 2018
  • First settlement date in T2S.
  • EuroCCP will submit settlement instructions with intended settlement date Tuesday10 April 2018 to T2S. All settlement instructions will include the new Standard Settlement Instructions in accordance with the VP Securities T2S specifications, once these are available.

Client testing T2S mode for Danish market

From Monday 14 May 2018, EuroCCP’s client test environment will be in T2S mode for the Danish market. Clearing Participants and their settlement agents are invited to undertake testing in accordance with VP Securities T2S requirements.

In order to support testing, Clearing Participants must inform EuroCCP of their Standard Settlement Instructions before testing starts in T2S mode.

Settlement Agent Power of Attorney

Settlement instructions which are sent by EuroCCP to settlement agents under a Power of Attorney (PoA) will also be distributed during the MWDR at the same time that EuroCCP submits settlement instructions in T2S. Clients wishing to participate in testing using these PoA instructions should instruct their settlement agents to process the swift MT54X messages received.

Reporting during MWDR from EuroCCPs client test environment

During the MWDR, EuroCCP’s CIF file will be generated and distributed from EuroCCP’s test environment as usual.

EuroCCP’s Service Description Denmark T2S – Danish Kronor

With the introduction of T2S for Danish Kronor denominated securities settlement in the Danish market, certain elements of EuroCCP’s services for the Danish market may change.

In order to provide Clearing Participants and their settlement agents with a detailed description of these changes, a Service Description Denmark T2S – Danish Kronor   document has been published.