The project aims at facilitating the execution of KELER’s CEE strategy on the region’s capital markets. The technical and legal advisory services allow KELER to build a network of direct DVP cross-CSD links to the region’s selected CSDs and act as an investor-CSD.
Targeted CSDs - CDAD (Bulgaria), OeKB (Austria), CDCP (Czech Republic), DC (Romania), - operate unique national systems that provide very different types of services, have different technical requirements and market practices and operate within different tax and legal frameworks.
As an investor-CSD on the target markets, KELER needs to overcome challenges derived from the diverse contractual and operational arrangements of model implementation, corporate actions and tax related IT developments thus, needs to address them and develop working solution by market.
Once the network of links is operational, the solution would offer main benefits for the KELER’s clients / investors:
- A single unique interface to CEE markets enabling to rationalize development and maintenance costs,
- Reduced overall costs and risks as no intermediaries,
- Centralized access to CEE securities and counterparties.
The professional consultancy provided by the legal advisor (Cameron McKenna) and by the technical advisor (Cognizant), supported by European Commission’s SRSS and EBRD, will grant KELER a real opportunity to expand its presence i.e. provide competitive direct investor-CSD services into new markets besides developing its current cross-border custodian service offering.
Through the support of the project KELER’s Bulgarian link is about to go live shortly.
KELER’s first CSD link to the Polish Central Securities Depository, KDPW already went live in May 2018.
Contact: 