T2S and T2 downtimes on public holidays

20.11.2023

T2S downtimes

T2S is closed on the following holidays: 

  • New Year’s Day (1 January);
  • Good Friday;
  • Easter Monday;
  • Christmas Day (25 December); and
  • Boxing Day (26 December).

Free of Payment (FoP) instructions as well as Delivery against/with Payment (DvP1) instructions in Euro (EUR) and Danish Krone (DKK)2 with a value date corresponding to one of these holidays are rejected by T2S.3

The T2S holiday calendar applies to all T2S In-CSDs (Central Securities Depositories). The settlement of cross-border transactions against other domestic markets with closing days differing from the T2S holiday calendar will remain pending on those closing days until the next business day.

The CASCADE settlement days are aligned with the T2S holiday calendar. On days when T2S is open, CASCADE is open as well. Hence, CASCADE is open on the German public holidays 1 May, 24 December, and 31 December, even if stock exchanges are closed. On 1 May, the Clearstream Banking Frankfurt (CBF) functionality for registration and position transfer of registered shares (CASCADE-RS) is available, depending on the availability of the registrars' systems for these instructions.

T2 downtimes

T2 is closed on the following holidays: 

  • New Year’s Day (1 January);
  • Good Friday;
  • Easter Monday;
  • Labour Day (1 May);
  • Christmas Day (25 December); and
  • Boxing Day (26 December).

Settlement of DvP instructions in EUR with a value date corresponding to one of these holidays is not possible.

Note on DKK

In addition to the T2 closing days, Danmarks Nationalbank is closed on the following days:

  • Maundy Thursday;
  • Great Prayer Day (fourth Friday after Easter);
  • Ascension Day;
  • Bank holiday (day after Ascension Day);
  • Whit Monday;
  • Constitution Day (5 June);
  • Christmas Eve (24 December); and
  • New Year’s Eve (31 December).

DvP instructions in DKK with a value date corresponding to one of these holidays are rejected by T2S. FoP instructions and DvP instructions in EUR can settle, nevertheless.

Exception Labour Day (1 May)

T2S and Danmarks Nationalbank are open on Labour Day, whereas T2 is closed. Settlement of FoP instructions and DvP instructions in DKK with value date 1 May will be processed, whereas DvP instructions in EUR with value 1 May will be rejected. On 1 May, DvP instructions in EUR may only settle if partial settlement has been agreed and the required settlement amount is offset by the T2S optimisation procedure.

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  1. DvP stands for Delivery versus Payment, Receive versus Payment, Delivery with Payment, and Receipt with Payment instructions.
  2. Settlement against payment in Danish Krone (DKK) is only available for Security Accounts (SACs) linked to a DKK Dedicated Cash Account (DCA).
  3. This also applies to instructions in non-collective safe custody securities which have to be settled via T2S (custody type NCSC-T).