Enhancements and upgrades

Since the beginning of 2004, a series of enhancements have been introduced to the current system following work on harmonisation projects, of which the most important are the following:

  • Automatic processing of corporate actions cash payments (2006)
    The implementation of formatted electronic messages based on ISO 15022 standards to send information on corporate actions is the result of work aimed at the elimination of Giovannini Barrier 3 (corporate actions harmonisation)..
  • Work on the building of links with foreign CSDs, in particular creating a program to exchange shareholder data between KDPW, participants and KELER, the Hungarian CSD, following a dual-listing.
  • The introduction of a hold mechanism for settlement instructions for the settlement of MTS-CeTO transactions.
    The principle of "holding" settlement instructions was prepared by ECSDA WG3 and ESF as part of standards for instruction matching harmonisation.
  • The introduction of separate settlement calendars for each currency.
    Multi-currency settlement requires harmonisation of foreign currency settlement times and days, as well as settlement frequency. The introduction of settlement calendars for each separate currency is the first step to standardisation in accordance with standards formulated by ECSDA WG5 in response to the elimination of Giovannini Barriers 4 and 7.
  • The introduction of changes to the multi-batch system involving the need to establish processing unwind safe points for settlement batches in the event of a process failure and the need to engage the business recovery site. Formulation and implementation of a mechanism to run the depository-settlement application in the business recovery site following a process failure with a short down time (in line with ECB recommendations - up to 4 hours).
  • Launch of communication using SWIFT via SWIFTNET (migration necessary following changes to SWIFT network), as well as harmonising and improving access to the SWIFT network.
    Implementation related to ensuring or improving use of the SWIFT network in response to the elimination of Giovannini Barrier 1 (technological barrier).