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Assessment of the VP settlement system against the ESCB/CESR Recommendations for Securities Settlement Systems

Danmarks Nationalbank is responsible for overseeing systemically important payment and settlement systems in Denmark. Danmarks Nationalbank's oversight duties include assessing the systems against international standards and recommendations. The securities settlement system operated by VP Securities (henceforth VP) is one of three systems1 in the Danish payments infrastructure that are systemically important and should therefore meet such standards. The purpose of this report is to assess VP's securities settlement system according to international recommendations for securities settlement systems.