Re-instructing pre-T2S transactions in Danish market with a new Intended Settlement Date

Please be informed that when going live with TARGET2-Securities in Denmark, a number of transactions with an intended settlement date prior to the go-live date, 29th October 2018, were left unsettled. Due to the TARGET2-Securities platform not supporting back-valued settlement, these transactions will remain unsettled unless actions are taken.

08.11.2018

Therefore and in order to allow these transactions to settle, VP SECURITIES and the Sector Task Force (consisting of VP SECURITIES, Danske Bank, Nordea and SEB) have concluded that the best way to handle settlement of these specific transactions is to request agent banks and their underlying clients to agree with their counterparties to reinstruct these unsettled transactions (with original settlement date 26th October or earlier) with a new intended settlement date of 31st October to accommodate the back-value settlement in-compatibility issue.

With this statement, VP SECURITIES and the agent banks in the Danish market agree to comply with the above-mentioned change of the intended settlement date in order to re-move these affected transactions from the backlog of unmatched instructions and to support the recovery efforts of the sector in its efforts to return to business as usual.

Copenhagen, 7 November 2018

VP SECURITIES    Danske Bank     Nordea Bank    SEB

DKK

Henrik Ohlsen

Customers & Communications Director

+45 2910 1202
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