Countdown to the implementing of DKK on T2S
One of the biggest projects ever undertaken by VP, and also by the financial sector and the Danish market for post-trade services, is approaching completion. On 29 October 2018, we will Go-live with DKK on T2S.
This marks the end of a six-year project with the goal of ensuring that the Danish market becomes an integrated part of the pan-European infrastructure. Besides settlement of trades, the project also includes the implementation of European standards for communication, settlement and Corporate Actions, etc.
The T2S project has been developed in close cooperation with the financial institutions in the Danish market. This has involved new ways of working, as well as technical conditions, which have been discussed and agreed by the National Stakeholder Group (NSG), at project meetings and at over a hundred individual customer meetings.
In September 2016, we launched the EUR activities, which only account for a small proportion of trading activity in Denmark. Based on the extensive experience gained, it is now time to focus on settlement of DKK on the European platform. In this process, we have achieved several key milestones.
On 9 April 2018, we opened the test system for DKK on T2S, and in cooperation with VP our customers have worked intensively on preparing for Go-live. The implementation of KRONOS2 in August 2018 was another important milestone in getting DKK onto T2S.
The entire market has made a tremendous effort, and perhaps an even greater effort than expected. Yet, no matter how hard we work, a project of this size will always present an increased risk. This concerns the technical challenges, but also getting accustomed to new procedures and working routines. Successful migration requires a continued strong effort from everyone, to make sure that we are ready for Go-live on 29 October 2018.
Besides our focus on the actual migration, at VP we are also highly aware of the time immediately after Go-live, which brings a month-end, soon to be followed by a year-end. Everyone in VP's organisation has and will continue to give this project all attention, also after Go-live. The project will be subject to special monitoring, or hyper care, and all of the necessary resources will be deployed until our settlement has regained its customary stability.
For VP, reliability also means transparency and availability. In this project, we have enjoyed good ongoing communication with our customers, and this will continue after Go-live. We will therefore be holding weekly conference calls, to give status reports on implementation and operation.
Up to the migration on 29 October, just as for the EUR implementation in 2016 we will provide ongoing status reports and announce key milestones in “T2S Update”.
We all look forward to a successful implementation of DKK on T2S.