A securities transaction comprises exchange of cash and securities between the buyer and seller. Listed securities and certain other securities are settled in the ES-CPH settlement system. Danmarks Nationalbank acts as settlement bank for the cash leg of these transactions, and the exchange of securities is registered in the central securities depository Euronext Securities.
In some transactions, a central counterparty (CCP) is used as an intermediary, guaranteeing the transaction for both parties. All large cap equities at Nasdaq OMX Copenhagen are cleared via the Dutch CCP EuroCCP.
At the European level, Danmarks Nationalbank works with central banks and central securities depositories in Europe to establish a trans-European securities settlement system. The system is called Target2-securities and will be able to settle transactions in Danish kroner from 2018.