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The central securities system for settlement in Norwegian kroner (VPO NOK) is based on Euronext Securities Oslo carrying out multilateral netting and clearing of the trades that are notified for settlement on the agreed settlement date

Based on the net transfers that apply to each seller and buyer, the Central Bank of Norway carries out the cash settlement and Euronext Securities Oslo carries out the securities settlement between the settlement participants. Settlement payments between the settlement participants (investment firms or settlement agents) and their investors take place outside of VPO.

Settlement system

Euronext Securities Oslo uses international standards and the main features of settlement of securities transactions carried out in the Norwegian securities market are as follows:

  • Settlement is carried out through an investment firm or a settlement agent.
  • The parties that participate in the central securities system for settlement in Norwegian kroner are investment firms, settlement agents and CCPs.
  • In order to participate in the central securities system, settlement participants must provide a liquidity guarantee either by holding an account with the Norwegian central bank (Norges Bank) or by having access to an account with Norges Bank through an arrangement with a bank that operates such an account, known as a liquidity bank.
  • Delivery versus payment (DvP) – NOK payment in central bank money.
  • Multilateral netting.
  • Extended balance checking for availability of cover across multiple accounts.

Our Products


VPS Clearing and Settlement

Participate in the Norwegian central securities settlement

The service facilitates registration of transactions to be settled in the central securities settlement system. The service is also a valuable tool for liquidity banks and asset managers.


Extended balance check and sweeping

Simplifies the balance checks

Extended balance check is a service for settlement participants that have their securities on several accounts

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VPS Settlement Benchmark

Compare your own data with the market and gain insight

Provides statistics for investment firms and settlement agents that participate in the Euronext Securities Oslo settlement system.


Message Exchange ISO 15022 and ISO 20022

International standards reduces risk and errors

Euronext Securities Oslo uses the international standard for the exchange of electronic messages between participants in the securities markets, ISO 15022 and ISO 20022.

Settlement participants

Central counterparties that are participants in the VPO NOK are listed via the link mentioned below

According to the VPO NOK Rules, Section 4.2, VPS shall in the event of changes to the rules, consult with trade associations representing a not immaterial proportion of participants, as well as with central counterparties participating in the VPO NOK. The trade associations representing a not immaterial proportion of participants are Finance Norway and the Norwegian Securities Dealers Association.

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Anne Ekeren Bjone - Euronext Securities Oslo

Anne Ekeren Bjone

Head of Settlement, Euronext Securities Oslo