DKK on T2S enters new phase
Moving from the T2S Community Test to the Business Day Test marks another milestone for customers, data centers, Danmarks Nationalbank and VP Securities. The Danish financial community is on track with the rollout of DKK on T2S, with planned Go-live 29 October 2018 as the first currency supplementing EUR.
On 17 September the project entered into the next and final phase. The business Day Test focuses on testing the entire settlement day flow while the Community Test focused on the individual business functionality.
“The complexity of the project and the many parties involved makes T2S the biggest project in the history of VP Securities. In an effort to enable a smooth transition for our customers both in terms of business and in terms of technology, VP has for several years, been in close contact with the market. Looking at the test so far, we acknowledge that it has not been without struggle and we still have work ahead of us. Luckily there is a joint sense of urgency and we are happy to see such great collaboration between all parties involved”, says CCO Birger Schmidt from VP Securities.
Hosted by Danmarks Nationalbank and VP, three fora are right now at the center of the T2S project. With meetings, approximately on a monthly basis a Project Management Group, an Experts Group and a Test & Go-live Group with participants from all involved organisations are keeping track on the development. Furthermore, VP hosts weekly calls to secure the progress of the project.
“This project has the highest priority at VP right now and in the coming months, and we have staffed and focused our organisation to secure the transition of DKK on T2S. It is not every day you move a comprehensive national infrastructure to a new platform, and we will of course support the financial eco system with a hyper care period around the Go-live”, says Birger Schmidt.
The Business Day Test is the final stage on a long journey over several years, where VP has been at the helm of the Danish integration into the European T2S platform thus opening new possibilities for international competition and cooperation between the Nordics and Europe.
Kristoffer Kjelsø Sønderlev
Head of Custody & Settlement Products
With Euronext Securities on T2S you achieve a single point of access to Nordic and European distribution and settlement