In Norway, there is a joint settlement system for equity instruments, bonds and short-term paper, referred to as the securities settlement system (VPO). Securities brokers, banks and Norges Bank participate in the securities settlement system. Norges Bank continuously assesses the impact of securities settlements on financial stability.

Banks’ participation in the securities settlement system is regulated by Avtale om oppgjør av avregninger fra Verdipapirsentralen ASA (VPS) mellom (banken) og Norges Bank (Norwegian only).

Investment firms’ participation in the securities settlement system is regulated by Avtale om oppgjør av avregninger fra Verdipapirsentralen ASA (VPS) mellom (verdipapirforetaket) og Norges Bank (Norwegian only). In addition, the investment firms must provide a guarantee from their bank.  The bank must have a settlement account in Norges Bank in order to provide such a guarantee.

The division of work and responsibilities between Finanstilsynet and Norges Bank with regard to securities settlement systems and clearing houses (central counterparties)