Banking and payments

Oversight of the VP system


Danmarks Nationalbank oversees the VP settlement system, which is the Danish system for settlement of securities transactions and periodic payments. One element of this oversight is to assess the system according to international principles for safe and efficient financial market infrastructures.

Oversight of the VP settlement system is based on the CPMI-IOSCO principles for Financial Market Infrastructures and takes place in accordance with Danmarks Nationalbank's Policy for Oversight of the Danish Financial Infrastructure.

Assessment reports
VP Securities is the central securities depository for all Danish listed securities and certain other securities. Oversight of the VP settlement system is primarily aimed at VP activities connected with the clearing, settlement and registration of securities. The most recent Assessment of VP against the international principles was published in March 2016.

Regulation of Central Security Depositories
In EU central security depositories (CSDs) are regulated in accordance with EU central security depositories regulation (CSDR). VP Securities applied for a license under CSDR in May 2017. As one of the first CSDs in EU VP Securities was granted its CSDR license with effect from January 2018.

Oversight reporting

The activities in relation to current oversight of the VP settlement system are described in the annual oversight publication, Oversight of the Financial Infrastructure in Denmark. Until and including 2010, Danmarks Nationalbank provided an account of its oversight in its Financial stability publication.

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More information

Assessments

VP settlement

​The VP settlement system is the Danish system for settlement of securities transactions and periodic payments. The system is operated by VP Securities, which is the central securities depository for all Danish listed securities and certain other securities.