Denmark

Introduction

Following the migration of Euro denominated settlement activities to the TARGET2-Securities platform (T2S) on 12 September 2016, VP Securities will also migrate Danish Kroner denominated securities settlement activities to this pan European platform from settlement date Monday 29 October 2018.

Following the introduction of T2S in the Danish market for Danish Kroner, the settlement process will be performed in accordance with the procedures and timetables established by T2S and the Danish Central Bank.

EuroCCP will become a Directly Connected Party (DCP) to the T2S platform in the Danish Market and will operate a Dedicated Cash Account (DCA) with the Danish Central Bank and a T2S Securities Account (SAC) with VP Securities.

EuroCCP’s services Danish market in T2S

The introduction of T2S for the Danish Kroner denominated securities settlements will bring EuroCCP’s service offering for the Danish market in line with EuroCCP’s service offering for other European markets that have migrated to T2S. The following elements of the Danish settlement process and EuroCCP’s services will be impacted:-

  • Clearing Participants’ and EuroCCP Standard Settlement Instructions.
  • Settlement prioritisation.
  • Cycle processing versus real time settlement in T2S.
  • Mandatory use of partial indicator PARQ.
  • Introduction of New Instruction types.
  • Processing of corporate actions, market claims and transformations.
  • Specification of EuroCCP’s reporting, including CIF.

Further details can be found in EuroCCP’s Service Description Denmark T2S – Danish Kroner.

EuroCCP Migration Plan

The migration to T2S for Danish Kroner is scheduled for the weekend of 26 – 28 October 2018. To assist Clearing Participants and their settlement agents with their preparation for the weekend, EuroCCP has prepared a migration plan.

This migration plan outlines the VP Securities’ Migration Weekend process for the Danish Kroner denominated activities, migration of pending settlement instructions, corporate action handling, EuroCCP reporting and client readiness. Further details can be found in EuroCCP’s T2S migration plan – Danish Kroner.

Client Testing

In order to ensure a smooth, safe and efficient migration to T2S, EuroCCP offers the testing of the settlement process in T2S mode to its Clearing Participants and their settlement agents.

Clearing Participants must confirm their readiness to EuroCCP for the migration to T2S by completing the EuroCCP Readiness Statement, which should be signed and submitted no later than 12 October 2018.

Related newsflashes