As previously announced, the Oslo Børs VPS Group will move to a settlement cycle of T+2 for all applicable instruments 6 October 2014 for the Norwegian market, after a joint recommendation by the Nordic markets. This means that all trades done as of 6 October 2014 will be settled T+2.
Most transactions through Oslo Børs are currently settled at T+3, meaning that the involved parties are delivered cash and traded instruments three business days after the deal has been executed. The exception is traded certificates, which are settled at T+2 today.
The change to T+2 is in accordance with the new settlement requirements in the EU (Regulation on improving securities settlement in the EU and on central securities depositories (CSDs) and amending Directive 98/26/EC) (CSDR).
Enclosed you will find further information from Oslo Børs VPS, highlighting some of the main changes involved for Oslo Børs, Oslo Clearing and VPS. This includes:
- Information about market wide tests 10 June 2014 and 18 August 2014
- What dates trades will settle the days before and after 6 October
- Changes that can be expected; both technical as well as changes to Member Trading Rules, different instruments etc
Oslo Børs will distribute information about the transition from T+3 to T+2 through the Delta web. At the Delta web you will also find a subscription service where everyone who wishes to receive information related to the transition directly by e-mail is encouraged to enter their e-mail address. Note that VPS and Oslo Clearing may distribute information especially relevant to their interested parties through their standard distribution channels.
Oslo Børs VPS will host an information meeting in Oslo 12 February 2014. An invitation will follow shortly.