Update on issues post migration of DKK to T2S
This is an update on the issues facing customers after the second phase of the migration to T2S with the first settlement day on the 29 October 2018.
VP Securities T2S application is currently functional and trades are settled on the T2S platform both in real time and through VP’s batch flow. The first days of settlement has settled approximately 63,000 trades.
VP has had several operational issues since Monday related primarily to technical communication incidents:
- Communication between VP/customers and VP/T2S, which resulted in unmatched trades and customers not being able to settle and complete their daily activities. In addition, the incident caused substantial delays in the settlement flow and subsequently VP was unable to meet the cut off time at Danmarks Nationalbank moving approximately 5,600 trades to settlement the following day.
- Performance issues which resulted in prolonged response time for customers
- Temporarily unavailability to vp.ONLINE
- Delays in batch 10 due to reconciliation
The communication incident between VP/customers and VP/T2S were solved. We are currently working on solutions to solve the main issues regarding performance and unavailability to vp.ONLINE. We see that reconciliation takes longer than anticipated due to T2S dependencies, why we are looking into the planned start of batch 10 going forward.
Beside the above-mentioned issues, the sector, as a whole, is experiencing a greater backlog of more unsettled trades than usual due to the above mentioned issues as well as internal technical challenges.
We acknowledge the inconvenience and consequences on the daily business for our customers. We monitor the stability of our platform closely, and hypercare mode will continue as long as necessary.
VP will keep the close co-operation with customers, infrastructures and relevant stakeholders/authorities to support the market.
Customers & Communications Director Henrik Ohlsen