Safekeeping and settlement

All listed Norwegian securities are deposited in dematerialised form with the Norwegian Central Securities Depository – VPS ASA - and clients´ securities holdings are registered on book-entry accounts in VPS, segregated from Danske Bank´s and other clients’ holdings.

The usual settlement period in Norway is three business days: T (trade date), T+1, T+2 and T+3 (settlement date). Local market participants will report their trades to the VPS clearing centre from trade date until T+2, but the settlement process for international custody clients' third party trades will generally begin on S-1 upon receipt of our clients' settlement instructions.

The settlement processings in VPS take place as follows:

		VPS deadlines are:
First run	S at 06:00 am (CET) DVP/FOP	08.00pm (CET) on S-1
Second run	S at 12.00 am (CET) DVP/FOP	11.30am (CET) on S

Book transfers can be made throughout the settlement date until 5.00pm.

In the Norwegian marketplace quite a significant part of the settlement volume settle during the 2nd settlement run.

A net clearing of cash is effected via accounts with the Norwegian central bank, Norges Bank (NICS).