Denmark

  • Denmark

1 Country overview

MTS Denmark, a division of MTS Associated Markets, has been established for the purpose of trading Danish Sovereign securities.

MTS Associated Markets SA/NV, operates under the supervision of the National Bank of Belgium (NBB).

A Committee, composed of the Government Debt Management of Danmarks Nationalbank, the Danish Primary Dealers and a representative of MTS S.p.A., governs MTS Denmark.

Shares in MTS Associated Markets SA/NV are currently held by the list of banks mentioned under the item number 6 - Shareholders Institutions.

A Board of Directors, elected by the shareholders, governs MTS Associated Markets SA/NV.

2 Instruments

2.1 DKB-DKL

Currently, DKB and DKL securities ranging from 0 to 30 years maturity are traded on MTS Denmark, though only the securities with a maturity longer than 1 year are subject to quoting requirements.

Listed securities subject to quoting requirements defined by the National Bank of Denmark are divided into four different maturity buckets:

A (1.25-3.5y)

B (3.5- 6.5y)

C (6.5-13.5y)

D (13.5y)

2.2 DKT

Listed securities subject to quoting requirements defined by the National Bank of Denmark are divided into two different maturity buckets:

A (0 to 6 months)

B (6 to 12 months)

2.3 DKS

DKS segment entails bonds with less than one year to maturity.

2.4 DIL

Danish Inflation Linked segment for DGBi bonds.

For a full list of available instruments, click here.

2.5 Minimum lots

Proposals must be formulated for a minimum quantity equal to DKK 20 million (and multiples thereof) for benchmark securities as well as for liquid securities.

Orders may be made for DKK 20 million and increment of 5 millions (i.e. 25, 30, 35 etc) Exceptions to the general rule might be admitted.

3 Participants

For a list of participants, click here.

3.1 Participant requirements

Market makers must be a Primary Dealer of the Kingdom of Denmark, in order to be allowed to trade government bonds and/or T-bills.

Market takers must demonstrate a total turnover in Danish government securities of no less than EUR 300 million over the previous twelve months.

4 Market Hours

Cash Market Hours (CET)

Pre-Market: 7:30am – 8:00am

Trading Hours* : 8:00am – 5:30pm

Market Closed: 5:30pm

*Mandatory quoting hours: 9:00am – 4.30pm

5 Settlement

Trades on Danish Government bonds (Danish Crones denominated) settle at VP Securities. MTS sends Swift settlement instructions on behalf of both participants to VP Securities. MTS participants must hold a securities account at VP Securities either directly or indirectly through a custodian.

Trades on Danish Government bonds (Euro denominated) settle at Euroclear Bank and Clearstream Banking Luxemburg. MTS sends Swift settlement instructions on behalf of both participants to the relevant ICSD. MTS participants must hold a securities account at one of the two ICSDs either directly or indirectly through a custodian.

No Central Counterparty is available.

The settlement cycle is T+2. The settlement calendar of Crones denominated securities follows the local business calendar, skipping -settlement date on - Danish public holidays. The settlement calendar of Euro denominated securities follows the TARGET calendar skipping value date only on TARGET non-business days.

6 Shareholders

Barclays Bank Plc

Citigroup Global Markets Ltd

Credit Agricole Corporate and Investment Bank

Danske Bank A/S

Belfius Bank

Deutsche Bank AG

Fortis Bank N.V .

Goldman Sachs International

HSBC France

JP Morgan Securities Limited

ING Bank NV

KBC Bank N.V.

Morgan Stanley and Co. International

MTS S.p.A.

Nordea Bank A/S

Nykredit Bank A/S

Scandinaviska Enskilda Banken

Société Générale

Sydbank A/S

The Royal Bank of Scotland NV

UBS Limited

7 Market Data

Click to view:

Daily bulletins

Best page (data delayed by 15 minutes)

7.1 Password Protected

Click to view:

Participant statistics

8 Contact

Aline Morley

Relationship Management

T: +32 2 210 69 00

Paolo Senes

Chairman

T: +32 2 210 69 00

Jurgen De Corte

Executive Director

T: +32 2 210 69 02

Jean-Pierre Mateza

Associate

T: +32 2 210 69 03

Legal address: Rue des Comédiens, 22 – 1000 Brussels

Group email address: mtsam@mtsam.com

Fax: +32 2 217 84 70