Dear Client,
In 2013 KELER launched its System Modernisation Programme (SMP), the main goals of which are to replace the depository’s almost 20-year-old account management system and to ensure that the new application is fully compliant with the T2S functionalities by September 2016. In line with the project plan, System Replacement Focus Group (SRFG) meetings were held in January and in February 2014.
A further meeting took place on 6 March and the following main topics were discussed:
- The implementation date of the new system has been moved from October 2014 to Q1 2015. A detailed timeline of the project is expected to be published at the end of March 2014.
- The system specification has been completed, however a number of topics such as reports, interfaces and T2S related features are still under discussion. KELER is planning on publishing the services description until the first week of April 2014.
- The format of the securities account number at KELER will be changed in the new system to an eleven-digit number starting with "1", followed by the main account number and the subaccount numbers that are currently used.
- The matching criteria are still under discussion, including among other things, whether and how (in what format) the KELER securities account numbers will be matching criteria on the market.
During the meetings held earlier this year, KELER also consulted with the market participants on other features, such as repo transactions, blocking of securities, partial settlement, registration practice, the corporate actions standards as per the recommendations of the Corporate Action Joint Working Group set up by ECB (market claims, buyer protection, transformation, central source of corporate actions information) and securities lending (the option offered by BaNCS).
For the time being, the above are only discussion points and thus further details on them will be available once the services description is published.
Impact on investors: The implementation of the new account management system of KELER has been shifter from October 2014 to Q1 2015. Further details of the impact on investors will become available once the specifications and the services description are finalised and published.
Related Newsflashes:
KELER holds System Replacement Focus Group Meetings
KELER Held the Second System Replacement Focus Group Meeting