CFCL General information – Denmark
Reference
CFCL eligible fund types
CSD link
Eligible funds
Investment funds that are eligible in Denmark CSD, VP Securities A/S or T2S can be made eligible in CFCL.
Exchange Traded Funds (ETFs)
Exchange-Traded Funds (ETFs) are permitted and can be traded within the Danish market.
Custody chain and depository
Denmark is T2S market. The OneClearstream service level provides clients with a single point of access to all T2S markets with comprehensive instruments coverage. This is complemented by full harmonization of asset services and connectivity channels between CFCL, CBL, and CEU.
The service description is valid for CFCL clients, unless otherwise highlighted in the documentation.
CFCL utilises the T2S infrastructure platform to access Denmark’ CSD (VP Securities A/S) through the intermediaries of CBL and CEU. CFCL uses CBL as a global custodian across all markets.
Type of link | Direct link to Clearstream Europe AG for ES-CPH/T2S-eligible securities. |
CSD (as CEU’s and CBL’s depository) | Custodian (as CBL’s depository) | CBL (as CFCL’s depository) | |
Name | VP Securities A/S | Clearstream Europe AG | Clearstream Banking S.A. |
FATCA GIIN | MM0S16.00000.LE.208 | N1V1GJ.00002.ME.276 | N1V1GJ.00000.LE.442 |
LEI | 529900HDNBQ2DD0QHJ07 | 5493004PP58SUE3G8M27 | 549300OL514RA0SXJJ44 |
Country of incorporation | Denmark | Germany | Luxembourg |
Account type | Omnibus | Omnibus | Segregated |
Legal Account name/holder | Clearstream Banking S.A. | Clearstream Fund Centre S.A. | Clearstream Fund Centre S.A. |
Depository
Depository | CSD/Local custodian/Agent |
CBL | All T2S eligible assets CLEARSTREAM EUROPE AG Mergenthalerallee 61 D-65760 Eschborn Germany |
Operational arrangements
This section describes the operational arrangements of the Danish market:
For CFCL clients (link to CEU through CBL) | For CFCL clients (link to Euroclear Nederland) | For CFCL clients (link to Euroclear Nederland) | |
Settlement in T2S | Yes | Yes | |
Settlement free of payment | Yes | Yes | |
Settlement against payment | Yes | Yes (EUR only) | Eligible settlement currencies (between CEU, CBL and CFCL counterparties only): AUD, CAD, CHFa, CNY, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, SEK, SGD, TRY, USD and ZAR. |
Settlement against payment in central bank money | Yes | Yes | CeBM in EUR only |
Short selling of entitlement | No | No | Short selling of income or corporate actions proceeds is not authorised for settlement in CFCL. Please refer to CFCL Client Handbook. |
Settlement penalty fees | Yes | Yes | |
Partial settlement | Yes | Yes | |
Recycling | Yes | Yes | |
Settlement with Euroclear | Yes | Yes | |
Hold and Release | Yes | Yes | |
Allegements | Yes | Yes | |
Transaction Linking | Yes | Yes | |
Bilateral Cancellation | Yes | Yes | |
Registered securities | Yes | Yes | |
Transaction Management | Yes | Yes | |
Proxy voting | Yes | Yes | |
Liquidity Hub Connect | No | No | |
Sale and purchase of rights | No | No | |
Repo services | No | No | |
Market restrictions | Yes | Yes | |
FTT | No | No | |
Daily reconciliation | Yes | Yes | |
Link eligible for use in Eurosystem credit operations | Yes | Yes | |
Moment of entry of instructions | T2S: Whereas a transfer order for T2S settlement has been passed on to the T2S System, is deemed “entered” into at the moment at which it has been declared compliant with the technical rules of T2S by the T2S platform. | ||
Irrevocability of instructions | T2S: When a transfer order has been given the status matched on the T2S platform, the transfer order cannot unilaterally be cancelled or revoked. | ||
Finality of instructions | Settlement in T2S is simultaneous, final, and irrevocable. | ||
a. Settlement in CHF is possible only for non-Swiss securities and not against SIX SIS as counterparty in CEU.
Legal arrangements
The below section is valid on the date of the legal opinions that were issued and might be subject to change.
The information is provided for guidance only and should not be considered in isolation or as constituting a complete or definitive legal advice on any specific matter.
As CBL is our sub-custodian, please refer to Market Link Guide – Denmark for the complete information about Legal arrangements.
Cash correspondent details
Currency: | Euro (EUR) via T2 RTGS | Danish Krone (DKK) |
CCB name: | Banque Centrale du Luxembourg | Danske Bank, Copenhagen |
CBL account: | DK8430003007503458 | |
Swift address: | TRGTXEPMRTG | DABADKKK |