Denmark: Reminder : Formatting of settlement instructions
We hereby remind customers of the formatting specifics that apply to instructions within the Danish market to enable straight-through processing (STP).
In general
Trade date is mandatory in all settlement instructions and must be no later than the settlement date.
The instruction must be in line with the counterparty’s settlement instruction, to ensure that the same level of information is provided, and the format of settlement instructions must be in line with respective instruction specifications (see below).
Note: A VP code provides exact information about a specific counterparty whereas a single BIC code may relate to several VP codes. VP codes are available from the Danske Bank webpage.
Rules for Receiving/Delivering Agent
If the counterparty is a direct participant in the Danish CSD, the instruction must include:
- The VP code of the direct participant in the Receiving/Delivering Agent field; no additional details are required.
Example:
| SWIFT and CreationDirect | CreationOnline | |||
| :16R::SETPRTY :95R::REAG/VPDK/12345 :16S::SETPRTY | Receiving Agent | Format Party | VPDK - DK 12345 | |
If the counterparty is the client of a direct participant in the Danish CSD, the instruction must include:
- The VP code of the direct participant in the Receiving/Delivering Agent field; plus:
- The Safekeeping Account of the client at the Receiving/Delivering Agent; or
- The Seller/Buyer BIC of the client.
Example:
| SWIFT and CreationDirect | CreationOnline | |||
| :16R::SETPRTY :95R::REAG/VPDK/12345 :97A::SAFE//0123456789 :16S::SETPRTY | Receiving Agent Account | Format Party | VPDK - DK 12345 0123456789 | |
| OR | ||||
| :16R::SETPRTY :95R::REAG/VPDK/12345 :16S::SETPRTY :16R::SETPRTY :95P::BUYR//ABCDDEFFXXX :16S::SETPRTY | Receiving Agent Buyer | Format Party Format Party | VPDK - DK 12345 BIC ABCDDEFFXXX | |
Rules for Buyer/Seller
If the Buyer/Seller is identified by BIC, the Buyer/Seller Safekeeping Account must not be provided.
Exception: if the counterparty’s agent is Danske Bank (VPDK/04444 or BIC DABADKKK), then the Safekeeping Account must be provided and should be the 10-digit Danske Bank account number.
If the Buyer/Seller is identified by name and address, the respective Safekeeping Account must be provided.
Further information
For further information, customers may contact Clearstream Banking1 Client Services or their Relationship Officer.
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1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).