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EuroCCP clearing Oslo Børs trades from 1 November 2018

EuroCCP is delighted to announce that regulatory approval has been obtained to provide clearing services for trades executed on Oslo Børs from 1 November 2018.

This will be a fully interoperable service for shares, equity certificates and exchange traded funds traded on Oslo Børs.

Since its inception, EuroCCP has been an advocate of open access for the benefit of clearing and trading participants alike.  With the introduction of EuroCCP as the third CCP for Oslo Børs, clearing services will become even more efficient by reducing post trade costs, increasing cross-venue netting opportunities and optimising operational processes.

We would refer you to Oslo Børs Delta News, which provides further information on this announcement.

EuroCCP’s test environment is available to clearing participants that may wish to undertake testing through Oslo Børs’ test environment.

Clearing Participants wishing to clear trades executed on Oslo Børs with EuroCCP should:-

  • Advise EuroCCP’s Relationship Management team of their implementation plans and intended go-live date, so that the necessary arrangements can be made.
  • Complete the Oslo Børs Statement of Authority .
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Oslo Børs SoA

Version October 2018

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.

Go-live Euronext Dublin Postponed

EuroCCP was informed earlier today that the proposed go-live date for  EuroCCP’s appointment as sole CCP for Euronext Dublin has been postponed to Monday 4 February 2019.

As previously advised, EuroCCP will be the sole CCP for Euronext Dublin and will clear shares, equity certificates and exchange traded funds traded on the Main Securities Market (XMSM), the Enterprise Securities Market (XESM) and the Atlantic Securities Market (XATL).

Subject to regulatory approval, EuroCCP will provide clearing services to Euronext Dublin from 4 February 2019 in accordance with the following timeline:-

Further details can be found on our Euronext Dublin page. We also refer you to Euronext’s communication:

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.

Direct member of Euroclear Bank

Following the recent newsflash dated 3 Sept 2018, EuroCCP is pleased to announce that with effect from settlement date 7 September 2018, it will become a direct member of Euroclear Bank.

Clients may be required to update the format of their settlement instructions for Euroclear Bank and this SSI change has been reflected in EuroCCP’s regulations which can be found at:-

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Regulation Settlement

Version - 7 September 2018

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Regulation Buy-in Procedure

Version 24 September 2018

Any clients using Settlement Agent POA are not required to take any action

Reporting on Capital Requirement Regulation

The Capital Requirement Regulation (EU 575/2013-CRR) requires EuroCCP to disclose information to allow a Clearing Participant to determine its own funds requirement for its exposure on EuroCCP.

Accordingly, please find here the required information for 31 August 2018 in pdf format, or here for Excel format.

Auto partial in Euroclear Bank

EuroCCP is pleased to announce that it will be updating its Regulation Settlements and Regulation Buy-In documents with effect from 7 September 2018 to reflect the auto-partial settlement cycles in Euroclear Bank for depository receipts and International ETFs.

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Regulation Settlement

Version - 7 September 2018

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Regulation Buy-in Procedure

Version 24 September 2018

Partial settlement will be processed as follows:

  • receipts from EuroCCP – 06:00, 13:00 and 15:30
  • deliveries to EuroCCP – 06:00, 13:00 and 15:30

Euronext Dublin Client Testing

Following EuroCCP’s newsflash dated 10 July 2018 regarding EuroCCP’s appointment as sole CCP for Euronext Dublin, we are pleased to confirm further details regarding client testing.

Following the successful connection and testing between Euronext Dublin and EuroCCP, we can confirm that, as from Friday 24 August 2018, EuroCCP’s client test environment will be available for clients to test trades executed in the test environment of Euronext Dublin.

Testing with Euronext Dublin and EuroCCP

To begin testing, the following steps must be arranged:-

  • Clearing participants wishing to test should contact the Euronext CTSG team and EuroCCP’s Client Services team to discuss their testing requirements.
  • Clearing Participants should advise Euronext Dublin of the trading participant ID with which they wish to test and provide EuroCCP with a completed “EuroCCP testing form”.
  • Once all test details have been received, EuroCCP will liaise with Euronext Dublin to ensure Euronext Dublin and EuroCCP’s test environments are configured accordingly.
  • EuroCCP‘s testing environment is available each business day on a free of charge basis, from 09:00-17:00 CET, with reporting available thereafter.

Further details on EuroCCP’s clearing services for Euronext Dublin can be found in the Euronext Dublin page within Participants’ Centre.

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.