KELER Service Development Program - Short questionnaire on the management of operating hours on transactional level

Dear Clients,

We are kindly contacting you regarding the KSDP Service description published on KELER’s webpage on 30 June 2020.

Based on client reactions to the above mentioned publication and the workshop held on 30 July 2020, we came to a decision about conducting a survey concerning the ‘Management of operating hours on transactional level’ in section 3.13 of the 2020_06_30_KSDP-Service-Description_v2.0.pdf document.

There were a number of concepts that the planned uniform cut-off of 6.00 pm CET regarding all below listed HUF DVP transactions can not be supported by Clients because of end-of-day realignments and liquidity management constraints. Most of our Clients would prefer adaptation of the T2S cut-off of 4.00 pm CET, which would be more acceptable from harmonization point of view.

The relevant transaction types:

  • Repo transactions
  • Mark-up and mark down of investment funds
  • Primary market transactions
  • BSE fix price and auction transactions
  • Multinet default transactions
  • Physical delivery of derivative transactions
  • PFOD transactions

As a result of the arrangements with the Central Bank of Hungary, one of the below options will be implemented based on the feedback and support of our Clients:

  1. FOP transaction cut-off: 6.00 pm CET – DVP cut-off: 6.00 pm CET (originally suggested by KELER)
  2. FOP transaction cut-off: 6.00 pm CET – DVP cut-off: 5.30 pm CET (currently applied)
  3. FOP transaction cut-off: 6.00 pm CET – DVP cut-off: 4.00 pm CET (harmonized with the T2S DVP cut off time)

Our Clients are kindly requested to follow the below link, select the preferred option (which reflects the common view of all relevant fields of your company) and send the favoured answer with a short explanation.

Thank you for your cooperation, your feedback is highly appreciated!