Update on issues post migration of DKK to T2S - 6 November
This is a follow up on our update from 1 November 2018 on the issues facing the market after the second phase of the migration of DKK to T2S with the first settlement day on the 29 October 2018.
During the first week of operation, VP experienced operational issues due to incidents in the communication layer between customers, T2S and VP. This has caused operational instability, and thus less possibility for the market to solve internal issues due to the impacts of the migration.
Through the week, VP’s operational issues have been addressed and an increased stability has been obtained. During the first week, 270,000 trades have been settled on T2S and VP.
However, the market as a whole is still experiencing an unusual large backlog of unmatched settlements (approximately 29,000) which primarily originates from the first days after the migration to T2S. A taskforce with members from VP, Danske Bank, Nordea and SEB has been established with the ambition to reduce the number of outstanding settlements and facilitate an effective communication between the relevant parties and to solve the common market problem as quickly as possible.
More topics are being addressed, though the main areas are:
- Correcting securities account set up in T2S
- Securing that settlements are instructed in a correct manner
Besides the taskforce, there is an ongoing dialogue in the T2S implementation group.
The extended setup both in relation to the platform and the issues in the market will continue for as long as necessary and all available resources are being allocated.