T2S goes multicurrency with Danish kroner

Source: European Central Bank

Over the weekend, Danmarks Nationalbank successfully connected its real-time gross settlement system, Kronos2, to T2S.

This means that securities transactions in Danish kroner can now be settled on the pan-European platform. VP Securities - a Danish central securities depository (CSD) which already uses T2S for euro settlement - has now migrated its Danish krone settlement to the platform as well.

Within the Eurosystem, the Central Bank of Ireland and the new French CSD, ID2S, also joined T2S. A total of 22 CSDs are now connected to the platform, giving access to 20 national markets and two currencies across Europe.

The Danish kroner connection is a landmark for T2S as it marks the first time that a currency other than the euro is available for delivery-versus-payment settlement. To foster European integration, T2S has been designed as a multi-currency platform, which means it can accommodate more currencies if there is interest from other non-euro area central banks.

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