Norges Bank is tasked with promoting an efficient and secure payment system and facilitating the central settlement system. Norges Bank is the ultimate settlement bank in the Norwegian payment system. All payments made in NOK are ultimately settled between banks in Norges Bank’s settlement system (NBO). The securities settlement system (VPO) has a cash leg and a securities leg, which depend on simultaneous transfer of securities and cash. When a security is sold, the security itself is transferred from the vendor's account to the buyer’s account in the Norwegian central securities depository, Euronext Securities Oslo (ES-OSL), while the cash leg is settled at Norges Bank. The settlement of securities takes place three times per day.  

The EU Commission and the European Securities and Markets Authority (ESMA) have proposed and prepared for a transition to T+1 in the EU and EEA with the aim to implement the transition on 11 October 2027.[1] The transition to T+1 will involve settlement of a trade taking place within one working day (T+1) instead of two working days (T+2) as is currently the case. As these rules are considered EEA relevant, Finanstilsynet (Financial Supervisory Authority of Norway) is tasked with following up. Norwegian participants should plan to adapt in line with the EU. [2] ES-OSL has requested that Norges Bank assesses whether NBO has the operational capacity for a new, fourth daily VPO settlement in NBO. Norges Bank will assess how the adjustments to T+1 and an extra VPO settlement can be supported by NBO. This involves changing settlement times and NBO's operating schedule to align with current practices in the EU, including necessary adjustments to cut-off times and opening times.

Major changes to the terms and conditions for account management [3] at Norges Bank and the operating schedule for NBO will be circulated for comment before they are determined. With this consultation letter, Norges Bank invites the financial sector and other stakeholders to submit their assessments of adjustments to NBO's operating schedule and extended opening hours to 18:00.

Input from the consultation will support Norges Bank's further work to assess and decide on necessary adjustments in tVPO and NBO for a transition to T+1.

Norges Bank requests input by 19 December. Please send your consultation response with the subject field: "Consultation: Adjustments to the operating schedule for NBO and extended opening hours until 18:00" to post@norges-bank.no. Consultation responses will be published on Norges Bank's webpage.

Thank you for your participation!

[1] Nye regler for verdipapiroppgjør før overgangen til kortere oppgjørssyklus for verdipapirer (T+1) - Finanstilsynet.no [New rules for securities settlement before the transition to a shorter securities settlement cycle (T+1)] (in Norwegian only)

[2] Anbefalinger til markedsaktører i forbindelse med overgangen til en kortere oppgjørssyklus (T+1) - Finanstilsynet.no [Recommendations to market participants in connection with the transition to a shorter settlement cycle (T+1)] (in Norwegian only)

[3] Terms and conditions for account management at Norges Bank from 15 April 2024