SWIFT will reinforce its connectivity to Verdipapirsentralen ASA (VPS), Norway’s central securities depository (CSD), which could make a shift in transaction volume to SwiftNet from other networks.
Banks connected to VPS currently use different networks to connect to VPS, SwiftNet being one of them. The banks have the freedom to choose among the network connectivity offered by VPS. By signing the Swift CSD Community Agreement, VPS’s members benefit from SWIFT’s CSD Community Offering, which significantly reduces current level of SwiftNet costs for connectivity to VPS.
Nadine Limbourg, Senior Market Manager at SWIFT, comments: “Approximately two-thirds of transactions to the Norwegian market are foreign transactions derived from international centres, such as London. It is therefore critical for Norway to have standardised and efficient connectivity with market participants globally.”
Sveinung Dyrdal, EVP, Head of Client Relations and Business Development at VPS, comments: “By signing the CSD Community Offering Agreement with SWIFT, VPS is taking already efficient procedures to a higher level for the benefit of our clients. The VPS partnership with SWIFT is a key enabler for VPS to stay competitive in international capital markets.”
Annika Lindgren, Senior Account Director, SWIFT Nordics, comments: “With the SWIFT CSD community offering, we are pleased to see VPS introducing the offer to it’s members. The CSD Community pricing will make SwiftNet more competitive as the connectivity channel for securities traffic.”