As previously announced, Oslo Børs VPS will move to a settlement cycle of T+2 for all applicable instruments on the 6th of October 2014 for the Norwegian market, after a joint recommendation by the Nordic markets. This means that all trades done from 6 October 2014 will be settled T+2. The change is in accordance with the new settlement requirements in the EU (Regulation on improving securities settlement in the EU and on central securities depositories (CSDs) and amending Directive 98/26/EC) (CSDR).
Oslo Børs, VPS and Oslo Clearing will facilitate a market test of the transition from T+3 to T+2. The focus for the market test is the transition from T+3 to T+2. The participants will be able to test how this affects on-going corporate actions. The participants will be able to test how their systems will be affected by two trading days with the same settlement day. The objective of the test is for the CA event managers, broker dealers, investments firms and settlement agents to test their back-office systems.
The market tests of the T+3 to T+2 transition are scheduled for:
- 10 June 2014 (Note that Monday 9 June is a Norwegian bank holiday, all markets will be closed)
- 18 August 2014