Oversight of CLS,Target2 and T2S is based on the international Principles for Financial Market Infrastructures and takes place in accordance with Danmarks Nationalbank's Policy for Oversight of the Danish Financial Infrastructure.
The Federal Reserve System is the primary oversight authority of CLS. The central banks of the
currencies connected to CLS, including Danmarks Nationalbank, have joint
oversight powers over CLS and participate in the CLS Oversight Committee. The
cooperative oversight has been formalised in a Protocol for the Cooperative Oversight Arrangement of
CLS. Danmarks Nationalbank's oversight is focused on matters of importance
to the settlement of transactions in Danish kroner.
Target2 and T2S
The European Central Bank (ECB) is the primary oversight authority of Target2 and T2S. Danmarks Nationalbank
participates in the cooperative oversight of the systems. Danmarks Nationalbank
is responsible for oversight of the Danish Target2 components, including the
Danish connection to the system and the national helpdesk for Danish
participants. Danmarks Nationalbank participates in the oversight of T2S
in line with the other central banks that are connected to the settlement
The activities in relation to current oversight of CLS, Target2 and T2S are described in the annual oversight report, Oversight of the Financial Infrastructure.