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Rules for participating in reporting the Tomorrow/Next interest rate in DKK

Finance Denmark administers T/N rules, while Nasdaq is responsible for daily T/N calculations.

In connection with T/N interest rate reporting, a committee has been established within the framework of Finance Denmark in order to deal with questions concerning the T/N interest rate, including fixing the circle of reporters. The committee consists of all T/N reporters. 

Nasdaq participates in the committee with observer status.

Conditions for enrollment as a T/N interest rate reporter
Every financial institution that is an active participant on the DKK money market can be enrolled as a T/N reporter upon invitation from the T/N committee. Financial institutions may be invited on the basis of an enquiry to the T/N committee.

All T/N reporters report to the Central Bank of Denmark’s current money market statistics, regardless of nationality.

It is a requirement that the financial institution in question is active on the DKK money market. This can be documented to the T/N committee if the financial institution reports on a trial basis for 60 banking days, where turnover must be reported on for a minimum of 30 banking days.  In practice the financial institution in question should send the updated figures to Nasdaq in the same way as T/N reporters who are already enrolled in the scheme, cf. “Rules for fixing the Tomorrow/Next interest rate in DKK”. The trial period commences when the T/N committee approves the application for enrollment.

At the next T/N committee meeting Nasdaq will present an overview of the T/N interest rates during the applicable period and subsequently an overview of how the interest rate would have looked if the financial institution in question’s reporting had been included. The overview also states how many days the financial institution reported on turnover.

Formalities for enrolment

When the T/N committee has assessed the overall picture of the financial institution applying for enrolment, it is enrolled as a T/N reporter by unanimous agreement, however not in such a way that an individual member has a veto. In the overall assessment of an applicant, the fictive calculations of the T/N interest rate are taken into account and whether they are recognizable to committee members (i.e. reflect the market price). Based on this and other information, the committee decides when continual reporting should commence.

Re-enrolment as a T/N reporter can take place without a trial period if the committee decides this with a qualified majority (2/3). The financial institution in question must re-enroll via the normal enrolment procedure if there is not a qualified majority to allow informal re-enrolment. Based on this, the committee decides when re-enrolment can take place.

The responsible superiors in relation to the financial institution’s provisions regulating the power to bind the company must sign a solemn declaration on reporting in line with the T/N guidelines. This declaration is sent to Finance Denmark.

Resignation and exclusion

A financial institution can withdraw from the scheme as a T/N reporter at its own request. Resignation can only take place by giving written notice to the T/N committee before the end of the month (running month) with effect from the end of the following month.

If a T/N reporter does not fulfil their obligations in relation to the T/N rules, the remaining members of the committee can decide by a qualified majority (2/3) to exclude the financial institution in question from the circle of T/N reporters (and from the T/N committee). This also applies if a qualified majority (2/3) finds that a T/N reporter is not reporting true and fair rates.

The exclusion of a T/N reporter takes effect from the moment that the committee makes a decision on the matter and Nasdaq will be subsequently informed.

The committee can unanimously decide to exclude a T/N reporter that is assessed as no longer active on the Danish money market.

When the T/N committee deals with a case concerning an individual reporter’s circumstances, including potential exclusion, the financial institution in question does not have voting rights but does have the right to address the committee.

If a member of the T/N committee becomes aware of irregularities they may request that a meeting be immediately called and held concerning the case. The T/N committee can decide by a simple majority if statistics on the T/N reporting should be drafted anonymously on specific days. Nasdaq will draft these statistics and submit them to the T/N committee.

Any decision concerning the exclusion of a reporter and member of the T/N committee must be subsequently approved by Finance Denmark’s board of directors. This subsequent approval procedure does not have a delaying effect. Should the exclusion be overturned by Finance Denmark’s board of directors, the financial institution in question will re-enter the scheme three days after the decision.

The committee's tasks

In connection with T/N interest rate reporting, a committee has been established, where Nasdaq participates with observer status. The main objective of the committee is to ensure the quality of T/N reporting. The committee is made up of all T/N reporters.

The committee's tasks are:

To present proposals for potential new T/N reporters
To approve new T/N reporters
To follow developments in the T/N fixing on the basis of material that Nasdaq drafts for T/N committee meetings
To discuss re-enrolment of a T/N reporter
To take steps to exclude a T/N reporter that does not comply with “Rules for fixing the Tomorrow/Next interest rate”
To meet approx. four times per year and participate in any telephone conferences
To appoint a panel of financial institutions that participate in T/N reporting and can be expected to fix quotas for T/N rates before 10:30AM
When counting votes in connection with T/N committee decisions, only members in attendance are counted.

Nasdaq participates in the committee with observer status. In this regard Nasdaq drafts and provides materials for the purpose of the committee’s work.

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