Client Information on the changed management of end-of-day balances of certain securities accounts


Dear Clients,

We hereby inform you that no securities balance may remain in the future on the sub-accounts 676767 (own) and 787878 (client) opened under their main securities account at the end of the business day. In order to comply with this, KELER has developed its settlement system, which is expected to be launched on 25 May 2020. We expect the following from you before and after the development, and the following changes will be introduced.

  1. We draw the attention of our Clients to the fact that credits to the mentioned sub-accounts must be transferred to the relevant sub-accounts until the date of the last execution (typically until 18:15) of the 'Electronic same-day orders' specified in the relevant Depository Announcement[1]. In case of a partial cancellation of a dematerialization process, please make the transfer to these sub-accounts on the value date and time specified in the notification of KELER.
  2. If there is a securities balance on the mentioned sub-accounts at the closing of the day, KELER shall execute the following automatic transfer orders.
    1. Securities balances of sub-account 676767 are transferred to sub-account 000000 or, failing that, to sub-account S00000 (own).
    2. Securities balances on sub-account 787878 are transferred to sub-account 777888 (customer), which is automatically opened for all clients prior to the first transaction.
  3. For the position settlement, KELER will charge a fee in accordance with the Fee Regulations in force at any time (Currently: Chapter III, Item 1).
  4. The automatic position settlement will appear on the securities account statement for the given day.
  5. In order to open the sub-account no.:777888, it is necessary to amend the formal agreement ‘(No. 1.) Contract on securities account maintenance and registration’ concluded between KELER and you. The new contract containing the new sub-account number must be returned to the clientservice@keler.hu email address with a firm, qualified electronic signature or in the form of an electronic document, or if the previous ones cannot be executed, via post no later than 15 May 2020. 

The automatic position settlement process designed to ensure the zero balance of sub-accounts 676767 and 787878 at the end of the day was established in consultation with the Central Bank of Hungary.

Should you have any questions regarding the above, our colleagues are at your disposal at the following contacts:

  • Related to the contract:                                                   clientservice@keler.hu
  • In connection with the process of position settlement:      szamlavezetes@keler.hu
  • In reference to the technical development:                       kelerdemat@keler.hu

Sincerely,
KELER Ltd.



[1] KELER's Depository Announcement - No. 01/2020 Cut-off times