Operating schedule for Norges Bank’s settlement system (NBO) from 15 March 2019
Effective from 15 March 2019 Verdipapirsentralen ASA (the Norwegian Central Securities Depository) introduces a third daily securities settlement. The background for this change is adjustments to provisions in the Central Securities Depository Regulation (EU 909/2014). The regulation is included in the proposal for a new Act on Central Securities Depositories and Securities Settlement etc. (the Central Securities Depository Act) which was submitted by the Ministry of Finance on 2 November 2018, cf. Proposal to the Storting 7 L (2018-2019).
As a consequence of the changes in securities settlement, Norges Bank has decided to change the operating schedule for NBO. A third daily securities settlement is introduced at approximately 14:40. The deadline for settlement of the second daily securities settlement is moved forward from 14:00 to 13:00.
The changes in the operating schedule for NBO have been laid down in accordance with the terms and conditions for account management at Norges Bank, cf. Section 1.
This circular replaces circular 7/2016.
Operating schedule for Norges Bank's settlement system (NBO) effective from 15 March 2019
| Time | Event | Comment |
| Approx. 05:05 | Banks’ borrowing access adjusted based on changes in market values for securities and other changes in collateral | |
| 05:30 | NBO opens for main account settlement. Daily settlement of interest on deposits and overnight loans (D-loans). Monthly prices are charged second business day each month | |
| 05:31 | NBO LOM account opens for settlement | |
| 05:32 | VPO LOM account opens for settlement | |
| 05:33 | CLS LOM account opens for settlement | |
| Approx. 05.35 | Receipt and settlement of NICS Net (morning clearing) | |
| 05:59 | Deadline for depositing liquidity for VPO 1 | |
| 06:00 | Deposits in VPO LOM account locked | |
| Approx. 06:10 | VPO 1 settled and VPO LOM account opened | |
| Approx. 06:40 | Receipt and settlement of derivatives clearing from SIX x-clear | |
| 06:55 | Earliest time for regular transfer of deposits in the VPO LOM account to another account (1) | Can transfer deposits when VPO 1 has been settled |
| 07:00 | NBO is manned | Telephone +47 22 31 60 78 |
| 07:10 | Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (morning clearing) (2) | |
| 08:00 | Deadline for banks to provide sufficient funds for NICS Net (morning clearing) | If one or more banks still have insufficient funds, the clearing will be rejected |
| Approx. 09.35 | Receipt and settlement of NICS Net (intermediate clearing 1) | |
| 09:45 | Deadline for settlement of VPO 1. VPO LOM account opened | Applies when settlement is delayed due to operating problems in VPS |
| 09:55 | Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (intermediate clearing 1) (2) | |
| 10:30 | Deadline for banks to provide sufficient funds for NICS Net (intermediate clearing 1) | If one or more banks still have insufficient funds, the clearing will be rejected |
| Approx. 11:35 | Receipt and settlement of NICS Net (intermediate clearing 2) | |
| 11:55 | Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (intermediate clearing 2) (2) | |
| 11:59 | Deadline for depositing liquidity for VPO 2 | |
| 12:00 | Deposits in VPO LOM account locked | |
| Approx. 12:10 | VPO 2 settled and VPO LOM account opened | |
| Approx. 12:15 | Receipt and settlement of the security lending-pool from SIX x-clear | |
| 12:30 | Earliest time for regular transfer of deposits in the VPO LOM account to another account | Can transfer deposits when VPO 2 has been settled |
| 12:30 | Deadline for banks to provide sufficient funds for NICS Net (intermediate clearing 2) | If one or more banks still have insufficient funds, the clearing will be rejected |
| 13:00 | Deadline for settlement of VPO 2. VPO LOM account opened | Applies when settlement is delayed due to operating problems in VPS |
| Approx. 13:35 | Receipt and settlement of NICS Net (intermediate clearing 3) | |
| 13:55 | Norges Bank will notify NICS Operations of any bank with insufficient funds for NICS Net (intermediate clearing 3) (2) | |
| 14:29 | Deadline for depositing liquidity for VPO 3 | |
| 14:30 | Deposits in VPO LOM account locked | |
| 14:30 | Deadline for banks to provide sufficient funds for NICS Net (intermediate clearing 3) | If one or more banks still have insufficient funds, the clearing will be rejected |
| Approx. 14:40 | VPO 3 settled and VPO LOM account opened | |
| 15:00 | Earliest time for regular transfer of deposits in the VPO LOM account to another account (1) | Can transfer deposits when VPO 3 has been settled |
| 15:00 | Deadline for repayment of loans and return of deposits related to Scandinavian Cash Pool (SCP) | Any violation of the deadline implies a fee in accordance with separate circular on prices and fees in NBO |
| 15:00 | Payment orders with insufficient funds in the CLS LOM account are cancelled. Any balance remaining in the CLS LOM account is transferred to the main account | |
| 15:30 | Bilateral limit cut-off | |
| Approx. 15:35 | Receipt and settlement of NICS Net (final clearing) | |
| 16:00 | Deadline for banks to provide sufficient funds for settlement of NICS Net (final clearing) | If one or more banks still have insufficient funds, the clearing will be rejected and NICS Operations will be notified of any banks with insufficient funds |
| 16:35 | NBO closes. Queued payment orders with insufficient funds are cancelled. Deposits in the NBO LOM account and the VPO LOM account are transferred to the main account. |
Norges Bank may deviate from the ordinary operational schedule in special cases such as emergency situations and during periods of the year. When deviations in the operating schedule are planned, for example in the summer, this will be published by separate circular.
Footnotes
- In the event of delays in the VPO-clearings from VPS, Norges Bank will lock the liquidity on VPO LOM accounts by 06:54 for VPO 1, by 12:29 for VPO 2 and by 14:59 for VPO 3. This is done to avoid that deposits on VPO LOM accounts are transferred to another account before VPO has been is settled in NBO. Thus, deposits in VPO LOM accounts will be available until the deadlines for settlement of VPO 1 at 09:45 and VPO 2 at 13:00. No deadline has been laid down for settlement of VPO 3.
- Cf. Rules for clearing and settlement of transactions in the Norwegian Interbank Clearing System (NICS), laid down by the Bits AS.