The central securities depository (CSD) of Poland, KDPW, has applied for authorisation under the Central Securities Depositories Regulation (CDSR), with the Polish Financial Supervision Authority.
If granted, the authorisation would confirm KDPW’s ability to provide services under the EU standards across the European Union, including transaction settlement and safe-keeping of financial instruments.
According to KDPW, the group will aim to service the Polish market, meaning market participants will not need use foreign post-trade service providers.
The authorisation is part of of the firm’s growth strategy between 2017 and 2021.
KDPW will be able to perform its core business, however, it will take at least six months for the process to be finalised according to EU regulations and national legislation.
Pawe? Górecki, chairman of the KDPW supervisory board said that, in order to meet CSDR requirements, the Polish CSD modified its IT systems, “in particular reporting and data maintenance, cross-border links, discipline of settlement, fees and controlling processes”.
Górecki said: “The authorisation project has been of key importance to the company and its management board over the past months. It has involved all the units of our organisation and required a range of systemic, regulatory and organisational modifications.”
Micha? St?pniewski, member of the KDPW management board, said: “The KDPW Group has extensive experience gained in the authorisation of the clearing house KDPW_CCP under European Market Infrastructure Regulation (for PLN and EUR clearing) as well as the registration of the Trade Repository with European Securities and Markets Authority.”
He added: “KDPW_CCP was the third clearing house to be authorised in the EU. KDPW_TR was one of the first four European trade repositories to be registered.”
