KELER Strategic Modernisation Program Update

Hungary
UniCredit Bank Hungary Zrt.
Summary: 
KELER announced updates related to its Strategic Modernisation Program and outlined the further steps ahead.
Tue, 05/06/2018

 

During the last nine months, the Hungarian Central Securities Depository, KELER, has performed an overall review of its ongoing Strategic Modernisation Program, as part of which KELER previously announced its system replacement project.

KELER continues to be dedicated to the modernisation project and pays further special attention to the automation of T2S related services. System developments already finalised during the previous phases are planned to be utilised and KELER will also take into consideration the discussions previously held with the market participants.

A detailed action plan is expected to be communicated by this autumn, while the related budget requirements and IT capacity for 2019 will be published by KELER until the end of August 2018.

Impact on investors: The system replacement of KELER, announced as part of its Strategic Modernisation Program, was postponed to an unknown future date in July 2017. KELER now assures the market participants of its commitment to the project, however detailed information will be provided only later this autumn.