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.
Currently, DKB and DKL securities 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:
B (3.5- 6.5y)
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)
DKS segment entails bonds with less than one year to maturity.
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.
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
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.
Barclays Unquoted Investments Limited
BNP Paribas Fortis SA
Citigroup Global Markets Ltd
Credit Agricole Corporate and Investment Bank
Danske Bank A/S
Deutsche Bank AG
Goldman Sachs International
HSBC Continental Europe
JP Morgan Securities plc
ING Bank NV
KBC Bank N.V.
Nordea Bank A/S
Nykredit Bank A/S
Scandinaviska Enskilda Banken
7 Market Data
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7.1 Password Protected
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T: +32 2 210 69 00
T: +32 2 210 69 00
Jurgen De Corte
T: +32 2 210 69 02
T: +32 2 210 69 03
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