3 October 2025
Danmarks Nationalbank will allow central counterparty clearing houses (CCPs) offering clearing services in Danish kroner to become monetary policy counterparties (MPCs).
As MPCs, CCPs will be able to access to monetary policy instruments under the same terms as existing MPCs.
With these instruments, CCP's will more effectively be able to manage the collateral they receive as margin on cleared trades in their role as intermediaries in key Danish markets. This in turn, will support the effectiveness of krone money markets and monetary policy transmission.
This decision is consistent with actions taken by other central banks, which have also granted CCPs access to monetary policy instruments.
To be eligible to become an MPC, CCPs must be active in clearing transactions denominated in Danish kroner, and in the assessment of Danmarks Nationalbank, hold material significance for markets in Danish kroner considered material to the transmission of monetary policy. CCPs not domiciled in Denmark must be established and supervised in another EU member state.
CCPs interested in becoming monetary policy counterparties must also have an account in TARGET DKK and meet specific technical and operational requirements. Terms and Conditions for Account Holders contains a detailed description of the applicable rules for different types of participants, as well as the necessary forms for account holders and their administrators.
CCPs interested in applying can contact payments@nationalbanken.dk to discuss the terms and conditions in more detail.
Applications will be accepted from 6 October 2025.
Enquiries can be directed to press advisor Peter Levring on tel. +45 2620 1809.
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